Scotiabank Has Lowered Expectations for Barrick Gold (NYSE:GOLD) Stock Price

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price reduced by investment analysts at Scotiabank from $24.00 to $23.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the gold and copper producer’s stock. Scotiabank’s price target would indicate a potential upside of 30.98% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. CIBC lowered Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday. Jefferies Financial Group upped their target price 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. UBS Group lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Royal Bank of Canada boosted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, TD Securities lowered their price objective on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.91.

Barrick Gold Stock Down 0.7 %

Shares of NYSE GOLD opened at $17.56 on Monday. The company has a market capitalization of $30.70 billion, a P/E ratio of 18.88, a P/E/G ratio of 0.43 and a beta of 0.56. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The company has a 50 day simple moving average of $19.36 and a 200-day simple moving average of $18.54. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.35.

Institutional Investors Weigh In On Barrick Gold

A number of large investors have recently modified their holdings of the company. Ritholtz Wealth Management grew its stake in shares of Barrick Gold by 2.8% during the third quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock worth $361,000 after purchasing an additional 502 shares in the last quarter. Greenleaf Trust boosted its position in shares of Barrick Gold by 2.1% during the 3rd quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock worth $510,000 after acquiring an additional 540 shares in the last quarter. Moors & Cabot Inc. increased its holdings in shares of Barrick Gold by 0.9% in the 3rd quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after acquiring an additional 579 shares during the last quarter. Chelsea Counsel Co. raised its position in shares of Barrick Gold by 1.4% during the 3rd quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after acquiring an additional 590 shares in the last quarter. Finally, Silverlake Wealth Management LLC lifted its stake in Barrick Gold by 1.3% during the third quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock worth $992,000 after purchasing an additional 628 shares during 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.