Bank of America Downgrades Barrick Gold (NYSE:GOLD) to Neutral

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Monday, MarketBeat Ratings reports. They presently have a $18.00 target price on the gold and copper producer’s stock, down from their prior target price of $21.00. Bank of America‘s price objective suggests a potential upside of 12.82% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Berenberg Bank upped their target price on shares of Barrick Gold from $37.00 to $38.00 in a research note on Tuesday, November 26th. Citigroup lowered their price objective on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, December 20th. CIBC downgraded shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Cibc World Mkts lowered shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Finally, UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and dropped their target price for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.92.

Barrick Gold Price Performance

Barrick Gold stock opened at $15.95 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The company has a market capitalization of $27.55 billion, a price-to-earnings ratio of 17.15, a price-to-earnings-growth ratio of 0.30 and a beta of 0.54. The company’s 50 day simple moving average is $16.40 and its 200-day simple moving average is $18.30. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.35.

Institutional Trading of Barrick Gold

A number of hedge funds have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. purchased a new position in Barrick Gold during the fourth quarter worth about $65,000. Entropy Technologies LP lifted its stake in shares of Barrick Gold by 161.0% in the fourth quarter. Entropy Technologies LP now owns 486,922 shares of the gold and copper producer’s stock valued at $7,547,000 after purchasing an additional 300,336 shares during the period. Realta Investment Advisors boosted its holdings in Barrick Gold by 18.0% during the fourth quarter. Realta Investment Advisors now owns 36,221 shares of the gold and copper producer’s stock worth $574,000 after buying an additional 5,521 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. grew its position in Barrick Gold by 13.8% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 66,222 shares of the gold and copper producer’s stock worth $1,026,000 after buying an additional 8,041 shares during the period. Finally, Stratos Wealth Advisors LLC boosted its stake in shares of Barrick Gold by 62.5% during the 4th quarter. Stratos Wealth Advisors LLC now owns 19,765 shares of the gold and copper producer’s stock worth $306,000 after acquiring an additional 7,600 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

Barrick Gold Company Profile

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.