Barrick Gold (NYSE:GOLD) Downgraded to Hold Rating by Cibc World Mkts

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by research analysts at Cibc World Mkts from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the company. Jefferies Financial Group raised their price target on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. UBS Group lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Royal Bank of Canada lifted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Scotiabank lowered their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a report on Monday. Finally, TD Securities dropped their target price on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $24.91.

Barrick Gold Trading Down 0.7 %

GOLD opened at $17.56 on Monday. The stock has a 50-day moving average of $19.36 and a 200 day moving average of $18.54. 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 has a 12 month low of $13.76 and a 12 month high of $21.35. The firm has a market cap of $30.70 billion, a P/E ratio of 18.88, a P/E/G ratio of 0.43 and a beta of 0.56.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds have recently bought and sold shares of the business. Clean Yield Group purchased a new position in shares of Barrick Gold during the 1st quarter valued at approximately $25,000. Exchange Traded Concepts LLC raised its position in Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after acquiring an additional 935 shares during the period. Crewe Advisors LLC lifted its holdings in Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after purchasing an additional 1,572 shares in the last quarter. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Barrick Gold in the second quarter valued at about $32,000. Finally, Eastern Bank purchased a new stake in shares of Barrick Gold during the third quarter worth about $32,000. 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.