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

Cibc World Mkts lowered shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Scotiabank dropped their target price on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a report on Monday. TD Securities reduced 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. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their target price for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Thursday, August 29th. Finally, Raymond James decreased their price objective on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research report on Monday. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Barrick Gold has a consensus rating of “Moderate Buy” and a consensus target price of $23.70.

Barrick Gold Stock Down 2.9 %

Shares of NYSE GOLD opened at $17.69 on Monday. The stock has a fifty day moving average price of $19.42 and a 200 day moving average price of $18.53. 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 company has a market cap of $30.92 billion, a P/E ratio of 19.02, a P/E/G ratio of 0.43 and a beta of 0.56.

Barrick Gold Dividend Announcement

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

Institutional Investors Weigh In On Barrick Gold

Institutional investors and hedge funds have recently made changes to their positions in the company. Exchange Traded Concepts LLC increased its stake 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 valued at $28,000 after purchasing an additional 935 shares during the last quarter. Clean Yield Group bought a new stake in shares of Barrick Gold during the 1st quarter valued at about $25,000. Eastern Bank acquired a new stake in Barrick Gold during the third quarter worth about $32,000. Crewe Advisors LLC lifted its holdings in Barrick Gold by 628.8% in the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after acquiring an additional 1,572 shares during the last quarter. Finally, JFS Wealth Advisors LLC boosted its stake in Barrick Gold by 451.7% in the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock valued at $38,000 after acquiring an additional 1,563 shares during the period. 62.85% of the stock is owned by institutional investors and hedge funds.

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.