Barrick Gold (NYSE:GOLD) Stock Price Expected to Rise, Berenberg Bank Analyst Says

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price hoisted by Berenberg Bank from $37.00 to $38.00 in a note issued to investors on Tuesday,BayStreet.CA reports. Berenberg Bank’s target price indicates a potential upside of 118.27% from the stock’s previous close.

Several other equities research analysts have also commented on the company. Scotiabank dropped their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research note on Monday. Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday. Raymond James lowered their target price on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday. TD Securities lowered their target price on Barrick Gold from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday. 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. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Barrick Gold currently has an average rating of “Moderate Buy” and an average price target of $24.91.

Barrick Gold Trading Down 1.5 %

Barrick Gold stock traded down $0.27 during trading on Tuesday, hitting $17.41. The company’s stock had a trading volume of 16,129,932 shares, compared to its average volume of 21,529,871. The stock has a market capitalization of $30.43 billion, a price-to-earnings ratio of 18.69, a P/E/G ratio of 0.43 and a beta of 0.56. The stock’s fifty day moving average is $19.42 and its 200 day moving average is $18.53. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $21.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GOLD. Clean Yield Group acquired a new position in shares of Barrick Gold in the 1st quarter worth approximately $25,000. Exchange Traded Concepts LLC boosted its position in Barrick Gold by 198.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after purchasing an additional 935 shares during the period. Crewe Advisors LLC boosted its position in Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after purchasing an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. acquired a new position in Barrick Gold during the 2nd quarter valued at approximately $32,000. Finally, Eastern Bank acquired a new position in Barrick Gold during the 3rd quarter valued at approximately $32,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

About Barrick Gold

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.