Barrick Gold (NYSE:GOLD) Lowered to “Neutral” Rating by CIBC

CIBC cut shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a sector outperform rating to a neutral rating in a research report released on Monday, MarketBeat reports.

A number of other equities analysts have also weighed in on the stock. Jefferies Financial Group upped their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Raymond James decreased their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. UBS Group cut Barrick Gold from a “buy” rating to a “neutral” rating and cut their target price for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. TD Securities decreased their price target on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Finally, Scotiabank reduced their target price on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a report on Friday, November 8th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Barrick Gold has a consensus rating of “Moderate Buy” and an average target price of $23.70.

Barrick Gold Stock Performance

Shares of GOLD stock opened at $17.69 on Monday. The company has a market capitalization of $30.92 billion, a P/E ratio of 19.02, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.35. 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’s 50 day moving average price is $19.42 and its two-hundred day moving average price is $18.53.

Barrick Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.26%. Barrick Gold’s dividend payout ratio is 43.01%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Clean Yield Group bought a new stake in Barrick Gold in the 1st quarter valued at $25,000. Exchange Traded Concepts LLC raised its position in shares of Barrick Gold by 198.1% in the third 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 period. Crewe Advisors LLC lifted its stake in shares of Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after buying an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold during the 2nd quarter worth about $32,000. Finally, Eastern Bank acquired a new position in Barrick Gold in the 3rd quarter valued at about $32,000. 62.85% of the stock is currently owned by institutional investors.

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.