Barrick Gold (NYSE:GOLD) Rating Lowered to Hold at Cibc World Mkts

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by investment analysts at Cibc World Mkts from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on GOLD. TD Securities lowered their price target on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, November 8th. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Royal Bank of Canada lifted their price target on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Finally, Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.91.

Barrick Gold Price Performance

Barrick Gold stock opened at $17.56 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. Barrick Gold has a one year low of $13.76 and a one year high of $21.35. The firm has a market capitalization of $30.70 billion, a P/E ratio of 18.88, a PEG ratio of 0.43 and a beta of 0.56. The business has a fifty day moving average price of $19.36 and a 200-day moving average price of $18.54.

Institutional Trading of Barrick Gold

Institutional investors and hedge funds have recently modified their holdings of the company. Clean Yield Group bought a new position in shares of Barrick Gold in the first quarter worth about $25,000. Exchange Traded Concepts LLC lifted its holdings in Barrick Gold by 198.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after purchasing an additional 935 shares in the last quarter. Crewe Advisors LLC boosted its stake in Barrick Gold by 628.8% in the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold during the second quarter valued at approximately $32,000. Finally, Eastern Bank purchased a new position in shares of Barrick Gold in the third quarter worth $32,000. 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.