Barrick Gold (NYSE:GOLD) Stock Price Expected to Rise, Berenberg Bank Analyst Says

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective upped by equities research analysts at Berenberg Bank from $37.00 to $38.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. Berenberg Bank’s price target suggests a potential upside of 118.27% from the stock’s previous close.

Several other brokerages also recently weighed in on GOLD. Scotiabank cut their target price on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research note on Monday. Raymond James dropped their price objective on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Monday. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Thursday, August 29th. UBS Group downgraded Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group boosted their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.91.

Barrick Gold Stock Performance

Barrick Gold stock traded down $0.27 during mid-day trading on Tuesday, hitting $17.41. 16,129,932 shares of the company’s stock traded hands, compared to its average volume of 21,529,871. The firm has a 50 day moving average price of $19.42 and a 200 day moving average price of $18.53. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. The company has a market cap of $30.43 billion, a PE ratio of 18.69, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56. Barrick Gold has a one year low of $13.76 and a one year high of $21.35.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its holdings in shares of Barrick Gold by 2.7% during the third quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock valued at $1,088,484,000 after buying an additional 1,458,084 shares in the last quarter. EdgePoint Investment Group Inc. grew its holdings in shares of Barrick Gold by 3.7% during the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after buying an additional 666,214 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Barrick Gold by 3.3% during the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock valued at $242,491,000 after buying an additional 461,406 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Barrick Gold by 33.3% in the third quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock valued at $227,524,000 after purchasing an additional 2,854,055 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Barrick Gold by 221.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after purchasing an additional 6,904,934 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.