Scotiabank Downgrades Barrick Gold (NYSE:GOLD) to Sector Perform

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by stock analysts at Scotiabank from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Thursday,BayStreet.CA reports. They presently have a $19.00 price target on the gold and copper producer’s stock, down from their prior price target of $23.00. Scotiabank’s target price would suggest a potential upside of 13.13% from the company’s previous close.

A number of other equities analysts have also recently issued reports on GOLD. Citigroup reduced their price objective on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, December 20th. TD Securities decreased their price target on shares of Barrick Gold from $26.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Raymond James reduced their target price on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Finally, CIBC lowered Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.92.

Barrick Gold Price Performance

Shares of GOLD traded up $0.84 on Thursday, hitting $16.80. The company’s stock had a trading volume of 10,422,537 shares, compared to its average volume of 17,744,699. The company has a market capitalization of $29.01 billion, a PE ratio of 18.06, a PEG ratio of 0.30 and a beta of 0.54. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $21.35. The company has a 50 day moving average price of $16.32 and a 200 day moving average price of $18.26. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GOLD. Exchange Traded Concepts LLC boosted its holdings 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 acquiring an additional 935 shares during the period. Eastern Bank purchased a new stake in shares of Barrick Gold during the third quarter valued at approximately $32,000. JFS Wealth Advisors LLC increased its stake in shares of Barrick Gold by 451.7% in the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after buying an additional 1,563 shares during the period. AlphaMark Advisors LLC bought a new stake in Barrick Gold during the 3rd quarter valued at $60,000. Finally, BNP Paribas boosted its position in Barrick Gold by 221.7% during the 3rd quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer’s stock valued at $62,000 after buying an additional 2,113 shares during the period. 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.