Barrick Gold (NYSE:GOLD) Rating Lowered to Neutral at CIBC

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by stock analysts at CIBC from a “sector outperform” rating to a “neutral” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports.

Other analysts also recently issued reports about the stock. Jefferies Financial Group increased their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. TD Securities decreased their target price on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. UBS Group lowered 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 research note on Wednesday, October 30th. Royal Bank of Canada lifted their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Thursday, August 29th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Stock Up 0.6 %

Shares of GOLD stock opened at $18.22 on Monday. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $21.35. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. The firm has a market cap of $31.85 billion, a PE ratio of 19.59, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56. The stock has a 50 day moving average of $19.47 and a 200-day moving average of $18.53.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. boosted its stake 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 purchasing an additional 6,904,934 shares in the last quarter. EdgePoint Investment Group Inc. increased its holdings in shares of Barrick Gold by 38.8% in the first quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock valued at $302,366,000 after purchasing an additional 5,080,510 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Barrick Gold by 4,713.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock worth $69,141,000 after purchasing an additional 4,058,351 shares during the last quarter. Letko Brosseau & Associates Inc. acquired a new position in Barrick Gold during the 2nd quarter worth $66,820,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of 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 valued at $227,524,000 after buying an additional 2,854,055 shares during the period. 62.85% of the stock is owned by institutional investors and hedge funds.

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.