Barrick Gold (NYSE:GOLD) Lowered to “Neutral” Rating by Bank of America

Bank of America downgraded shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a buy rating to a neutral rating in a research note issued to investors on Monday morning, MarketBeat reports. They currently have $18.00 price target on the gold and copper producer’s stock, down from their prior price target of $21.00.

Several other research firms have also recently commented on GOLD. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Berenberg Bank upped their price objective on shares of Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Finally, Scotiabank cut shares of Barrick Gold from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $23.00 to $19.00 in a report on Tuesday, January 21st. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.92.

Barrick Gold Trading Down 0.3 %

Barrick Gold stock opened at $16.08 on Monday. The company’s fifty day simple moving average is $16.42 and its 200-day simple moving average is $18.31. 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 12 month low of $13.76 and a 12 month high of $21.35. The stock has a market cap of $27.76 billion, a P/E ratio of 17.28, a P/E/G ratio of 0.30 and a beta of 0.54.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.49%. The ex-dividend date was Friday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GOLD. Marshall Wace LLP boosted its stake in Barrick Gold by 73.3% in the second quarter. Marshall Wace LLP now owns 467,220 shares of the gold and copper producer’s stock valued at $7,793,000 after acquiring an additional 197,613 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Barrick Gold by 24.8% during the second quarter. AQR Capital Management LLC now owns 43,901 shares of the gold and copper producer’s stock worth $732,000 after acquiring an additional 8,712 shares during the period. Creative Planning raised its holdings in shares of Barrick Gold by 25.6% during the second quarter. Creative Planning now owns 108,493 shares of the gold and copper producer’s stock worth $1,810,000 after acquiring an additional 22,103 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Barrick Gold by 61.0% during the second quarter. NewEdge Advisors LLC now owns 164,352 shares of the gold and copper producer’s stock worth $2,741,000 after acquiring an additional 62,271 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Barrick Gold by 1.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 38,999 shares of the gold and copper producer’s stock worth $650,000 after acquiring an additional 731 shares during the period. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.