Citigroup Cuts Barrick Gold (NYSE:GOLD) Price Target to $17.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target decreased by Citigroup from $23.00 to $17.00 in a report published on Friday,BayStreet.CA reports. Citigroup currently has a neutral rating on the gold and copper producer’s stock.

GOLD has been the subject of several other reports. Cibc World Mkts downgraded Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Thursday, August 29th. TD Securities lowered their price objective on shares of Barrick Gold from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Berenberg Bank lifted their target price on shares of Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. Finally, UBS Group lowered 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. 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 Performance

Shares of GOLD opened at $15.46 on Friday. The company has a market cap of $26.92 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 0.47 and a beta of 0.53. The business’s fifty day simple moving average is $18.17 and its two-hundred day simple moving average is $18.48. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $21.35. 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Friday, November 29th. Barrick Gold’s payout ratio is 43.01%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GOLD. Wellington Management Group LLP raised its stake in Barrick Gold by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock worth $1,088,484,000 after acquiring an additional 1,458,084 shares during the period. EdgePoint Investment Group Inc. raised its position in shares of Barrick Gold by 3.7% during the 2nd 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 purchasing an additional 666,214 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Barrick Gold by 3.3% during the 2nd 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 boosted its holdings in Barrick Gold by 33.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after buying an additional 2,854,055 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Barrick Gold by 221.1% in the 3rd 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 buying an additional 6,904,934 shares in the last quarter. 62.85% of the stock is owned by hedge funds and other 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.