TD Securities Issues Pessimistic Forecast for Barrick Gold (NYSE:GOLD) Stock Price

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective dropped by stock analysts at TD Securities from $26.00 to $25.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The firm presently has a “buy” rating on the gold and copper producer’s stock. TD Securities’ price target suggests a potential upside of 43.60% from the stock’s current price.

A number of other research analysts have also recently commented on GOLD. Jefferies Financial Group upped their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, August 29th. Raymond James decreased their target price on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday. Finally, Royal Bank of Canada upped their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.91.

Barrick Gold Trading Down 1.5 %

Shares of GOLD stock traded down $0.27 on Tuesday, hitting $17.41. 16,129,932 shares of the stock traded hands, compared to its average volume of 21,529,871. The firm’s 50-day moving average price is $19.42 and its two-hundred day moving average price is $18.53. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The stock has a market capitalization of $30.43 billion, a PE ratio of 18.69, a PEG ratio of 0.43 and a beta of 0.56. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $21.35.

Institutional Trading of Barrick Gold

A number of large investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in shares of Barrick Gold by 2.7% during the third quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock worth $1,088,484,000 after buying an additional 1,458,084 shares during the period. EdgePoint Investment Group Inc. increased its stake in shares of Barrick Gold by 3.7% during the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after buying an additional 666,214 shares during the period. CIBC Asset Management Inc increased its stake in shares of Barrick Gold by 3.3% during the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after buying an additional 461,406 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Barrick Gold by 33.3% during the third quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after buying an additional 2,854,055 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased 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 valued at $199,427,000 after purchasing an additional 6,904,934 shares during the last quarter. 62.85% of the stock is currently owned by hedge funds and other 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.