Barrick Gold (NYSE:GOLD) Rating Lowered to Sector Perform at Scotiabank

Scotiabank cut shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a sector outperform rating to a sector perform rating in a report published on Tuesday morning, MarketBeat Ratings reports. They currently have $19.00 price objective on the gold and copper producer’s stock, down from their prior price objective of $23.00.

A number of other research firms have also issued reports on GOLD. TD Securities reduced their price objective on Barrick Gold from $26.00 to $25.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Berenberg Bank boosted their price target on shares of Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Cibc World Mkts lowered shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Finally, Citigroup dropped their price target on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, December 20th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.45.

Barrick Gold Stock Performance

Shares of NYSE GOLD opened at $15.98 on Tuesday. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average price is $16.50 and its two-hundred day moving average price is $18.36. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35. The stock has a market capitalization of $27.59 billion, a P/E ratio of 17.18, a P/E/G ratio of 0.30 and a beta of 0.54.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date was Friday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GOLD. Exchange Traded Concepts LLC lifted its stake in shares of Barrick Gold by 198.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after purchasing an additional 935 shares during the last quarter. Eastern Bank acquired a new stake in shares of Barrick Gold in the third quarter worth about $32,000. JFS Wealth Advisors LLC boosted its stake in shares of Barrick Gold by 451.7% during the 3rd quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after acquiring an additional 1,563 shares in the last quarter. AlphaMark Advisors LLC acquired a new position in shares of Barrick Gold during the 3rd quarter valued at about $60,000. Finally, BNP Paribas raised its stake in shares of Barrick Gold by 221.7% in the 3rd quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer’s stock valued at $62,000 after acquiring an additional 2,113 shares in the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

About Barrick Gold

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.