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

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by investment analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued on Tuesday,Briefing.com Automated Import reports.

Other research analysts have also issued reports about the company. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $23.00 to $22.00 in a research report on Wednesday, October 30th. Berenberg Bank raised their target price on Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. Citigroup reduced their price target on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. Raymond James decreased their price target on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Monday, November 25th. Finally, TD Securities lowered their price target on Barrick Gold from $26.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.82.

Barrick Gold Stock Up 1.6 %

Shares of NYSE GOLD opened at $16.00 on Tuesday. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35. The firm has a market cap of $27.62 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 0.30 and a beta of 0.54. The company’s 50-day simple moving average is $16.50 and its 200-day simple moving average is $18.36.

Hedge Funds Weigh In On Barrick Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in Barrick Gold by 2.7% in the third quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock valued at $1,088,484,000 after purchasing an additional 1,458,084 shares in the last quarter. EdgePoint Investment Group Inc. raised its position in 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 valued at $314,254,000 after acquiring an additional 666,214 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Barrick Gold by 33.3% in 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 acquiring an additional 2,854,055 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of 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. Finally, Geode Capital Management LLC grew its holdings in Barrick Gold by 9.5% in the 3rd quarter. Geode Capital Management LLC now owns 8,047,255 shares of the gold and copper producer’s stock valued at $162,140,000 after buying an additional 696,556 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.