Barrick Gold (NYSE:GOLD) Price Target Lowered to $23.00 at Scotiabank

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target dropped by Scotiabank from $24.00 to $23.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the gold and copper producer’s stock. Scotiabank’s price target would suggest a potential upside of 30.02% from the stock’s previous close.

GOLD has been the subject of a number of other reports. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, August 29th. Jefferies Financial Group boosted their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. TD Securities dropped their price target on shares of 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 downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $23.00 to $22.00 in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada raised their target price on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.70.

Barrick Gold Stock Performance

NYSE GOLD traded down $0.53 on Monday, hitting $17.69. 24,909,672 shares of the company’s stock traded hands, compared to its average volume of 21,558,455. The firm’s 50-day moving average price is $19.47 and its two-hundred day moving average price is $18.53. The firm has a market capitalization of $30.92 billion, a PE ratio of 19.02, a P/E/G ratio of 0.43 and a beta of 0.56. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $21.35.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. DCF Advisers LLC raised its holdings in Barrick Gold by 48.3% in the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock valued at $1,793,000 after acquiring an additional 35,000 shares during the last quarter. Mizuho Markets Americas LLC increased its holdings in shares of Barrick Gold by 21.7% in the third quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer’s stock valued at $46,097,000 after purchasing an additional 413,012 shares during the last quarter. Entropy Technologies LP purchased a new position in Barrick Gold during the third quarter worth approximately $3,711,000. Aigen Investment Management LP boosted its stake in Barrick Gold by 330.5% during the third quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer’s stock worth $1,974,000 after buying an additional 76,186 shares during the last quarter. Finally, Evexia Wealth LLC purchased a new stake in Barrick Gold in the 3rd quarter valued at $2,382,000. 62.85% of the stock is owned by institutional investors and hedge funds.

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.