Barrick Gold (NYSE:GOLD) Downgraded by Scotiabank to Sector Perform

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by research analysts at Scotiabank from an “outperform” rating to a “sector perform” rating in a note issued to investors on Thursday,BayStreet.CA reports. They currently have a $19.00 price target on the gold and copper producer’s stock, down from their previous price target of $23.00. Scotiabank’s price objective would indicate a potential upside of 13.13% from the stock’s previous close.

A number of other research analysts also recently weighed in on the company. Cibc World Mkts downgraded Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. UBS Group downgraded Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Bank of America downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $21.00 to $18.00 in a research report on Monday. Berenberg Bank lifted their price target on shares of Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. Finally, CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.92.

Barrick Gold Trading Up 5.2 %

Shares of GOLD traded up $0.84 during trading hours on Thursday, reaching $16.80. 10,422,537 shares of the company traded hands, compared to its average volume of 17,744,699. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $21.35. The company has a market capitalization of $29.01 billion, a price-to-earnings ratio of 18.06, a price-to-earnings-growth ratio of 0.30 and a beta of 0.54. The company’s fifty day moving average price is $16.32 and its two-hundred day moving average price is $18.26. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Institutional Trading of Barrick Gold

A number of large investors have recently made changes to their positions in the stock. Van ECK Associates Corp increased its position in shares of Barrick Gold by 2.1% during the 4th quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer’s stock valued at $1,182,641,000 after purchasing an additional 1,563,361 shares during the last quarter. Wellington Management Group LLP grew its position in 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 during the period. The Manufacturers Life Insurance Company increased its holdings in Barrick Gold by 33.3% during 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 buying an additional 2,854,055 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position 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 worth $199,427,000 after acquiring an additional 6,904,934 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Barrick Gold by 9.5% during the 3rd quarter. Geode Capital Management LLC now owns 8,047,255 shares of the gold and copper producer’s stock worth $162,140,000 after acquiring an additional 696,556 shares during the last quarter. 62.85% of the stock is currently owned by institutional investors.

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.