Barrick Gold (NYSE:GOLD) Price Target Cut to $23.00 by Analysts at Scotiabank

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target trimmed by Scotiabank from $24.00 to $23.00 in a report published on Monday,Benzinga reports. The firm currently has a sector outperform rating on the gold and copper producer’s stock.

Several other research analysts have also commented on the stock. Jefferies Financial Group raised their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Royal Bank of Canada raised their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $23.00 to $22.00 in a research report on Wednesday, October 30th. CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday. Finally, TD Securities lowered their target price on Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.70.

Barrick Gold Price Performance

GOLD stock opened at $17.69 on Monday. The business’s fifty day moving average price is $19.42 and its 200 day moving average price is $18.53. Barrick Gold has a 12-month low of $13.76 and a 12-month high of $21.35. The company has a market capitalization of $30.92 billion, a PE ratio of 19.02, a P/E/G ratio of 0.43 and a beta of 0.56. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

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

Institutional Investors Weigh In On Barrick Gold

Several institutional investors have recently added to or reduced their stakes in the business. LRI Investments LLC purchased a new stake in shares of Barrick Gold during the 1st quarter worth approximately $37,000. Lazard Asset Management LLC lifted its position in Barrick Gold by 3.9% in the first quarter. Lazard Asset Management LLC now owns 399,296 shares of the gold and copper producer’s stock valued at $6,644,000 after acquiring an additional 14,853 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Barrick Gold by 19.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,839,056 shares of the gold and copper producer’s stock valued at $63,883,000 after acquiring an additional 628,477 shares in the last quarter. Silvercrest Asset Management Group LLC grew its holdings in shares of Barrick Gold by 27.2% during the first quarter. Silvercrest Asset Management Group LLC now owns 56,105 shares of the gold and copper producer’s stock worth $934,000 after purchasing an additional 12,000 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its position in shares of Barrick Gold by 10.7% during the first quarter. B. Riley Wealth Advisors Inc. now owns 12,895 shares of the gold and copper producer’s stock worth $215,000 after purchasing an additional 1,244 shares in the last quarter. Hedge funds and other institutional investors 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.