Barrick Gold (NYSE:GOLD) Given New $23.00 Price Target at Scotiabank

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

Other research analysts have also recently issued reports about the company. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Thursday, August 29th. Raymond James decreased their price objective on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research report on Monday. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Finally, TD Securities dropped their price objective on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold currently has an average rating of “Moderate Buy” and a consensus price target of $25.60.

Barrick Gold Trading Up 0.1 %

Shares of NYSE GOLD opened at $17.57 on Monday. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $21.35. The company’s fifty day moving average is $19.26 and its 200-day moving average is $18.53. The stock has a market cap of $30.71 billion, a price-to-earnings ratio of 18.89, a P/E/G ratio of 0.42 and a beta of 0.56.

Barrick Gold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.28%. Barrick Gold’s payout ratio is presently 43.01%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Synovus Financial Corp bought a new stake in shares of Barrick Gold during the 3rd quarter worth approximately $210,000. Wilmington Savings Fund Society FSB bought a new stake in Barrick Gold during the third quarter worth $517,000. Chelsea Counsel Co. lifted its stake in Barrick Gold by 1.4% in the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after acquiring an additional 590 shares during the last quarter. Bard Financial Services Inc. grew its position in shares of Barrick Gold by 3.5% in the 3rd quarter. Bard Financial Services Inc. now owns 55,875 shares of the gold and copper producer’s stock valued at $1,111,000 after acquiring an additional 1,875 shares during the period. Finally, Sunbelt Securities Inc. increased its stake in shares of Barrick Gold by 43.9% during the 3rd quarter. Sunbelt Securities Inc. now owns 14,241 shares of the gold and copper producer’s stock worth $283,000 after purchasing an additional 4,345 shares during the last quarter. 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.