Barrick Gold (NYSE:GOLD) Price Target Cut to $17.00 by Analysts at Citigroup

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price dropped by investment analysts at Citigroup from $23.00 to $17.00 in a research report issued on Friday,BayStreet.CA reports. The brokerage currently has a “neutral” rating on the gold and copper producer’s stock. Citigroup’s price objective would indicate a potential upside of 8.97% from the company’s previous close.

GOLD has been the topic of a number of other research reports. Jefferies Financial Group boosted their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Cibc World Mkts downgraded Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. CIBC lowered Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Thursday, August 29th. Finally, TD Securities lowered their price target on shares of Barrick Gold from $26.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $24.82.

Barrick Gold Stock Up 2.4 %

Shares of Barrick Gold stock traded up $0.37 during trading on Friday, reaching $15.60. The stock had a trading volume of 15,337,563 shares, compared to its average volume of 21,390,689. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average price of $18.26 and a two-hundred day moving average price of $18.48. The company has a market capitalization of $27.16 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 0.47 and a beta of 0.53. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Liontrust Investment Partners LLP boosted its position in shares of Barrick Gold by 83.5% in the 2nd quarter. Liontrust Investment Partners LLP now owns 6,146 shares of the gold and copper producer’s stock worth $102,000 after purchasing an additional 2,796 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Barrick Gold by 1.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 836,059 shares of the gold and copper producer’s stock valued at $13,945,000 after buying an additional 9,980 shares in the last quarter. Solstein Capital LLC acquired a new position in shares of Barrick Gold in the second quarter valued at approximately $101,000. Skylands Capital LLC raised its holdings in shares of Barrick Gold by 55.3% during the second quarter. Skylands Capital LLC now owns 424,600 shares of the gold and copper producer’s stock worth $7,082,000 after acquiring an additional 151,200 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. boosted its stake in Barrick Gold by 52.0% in the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 56,767 shares of the gold and copper producer’s stock worth $947,000 after purchasing an additional 19,425 shares during the period. 62.85% of the stock is owned by institutional investors and hedge funds.

Barrick Gold Company Profile

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.