Berenberg Bank Raises Barrick Gold (NYSE:GOLD) Price Target to $38.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price boosted by stock analysts at Berenberg Bank from $37.00 to $38.00 in a report issued on Tuesday,BayStreet.CA reports. Berenberg Bank’s target price suggests a potential upside of 116.15% from the company’s previous close.

Other equities analysts have also issued reports about the company. Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday. Royal Bank of Canada boosted their price target on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Scotiabank lowered their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a report on Monday. Finally, UBS Group downgraded Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.91.

Barrick Gold Stock Performance

Shares of GOLD opened at $17.58 on Tuesday. The business’s 50 day moving average is $19.31 and its two-hundred day moving average is $18.53. 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 $30.73 billion, a price-to-earnings ratio of 18.90, a PEG ratio of 0.42 and a beta of 0.56. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Barrick Gold by 19.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,839,056 shares of the gold and copper producer’s stock worth $63,883,000 after purchasing an additional 628,477 shares in the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of Barrick Gold by 27.2% in the first quarter. Silvercrest Asset Management Group LLC now owns 56,105 shares of the gold and copper producer’s stock worth $934,000 after purchasing an additional 12,000 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of Barrick Gold by 10.7% in the first quarter. B. Riley Wealth Advisors Inc. now owns 12,895 shares of the gold and copper producer’s stock worth $215,000 after purchasing an additional 1,244 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Barrick Gold by 20.4% in the first quarter. Tidal Investments LLC now owns 39,196 shares of the gold and copper producer’s stock worth $637,000 after purchasing an additional 6,639 shares in the last quarter. Finally, EdgePoint Investment Group Inc. grew its stake in shares of Barrick Gold by 38.8% in the first quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after purchasing an additional 5,080,510 shares in the last quarter. 62.85% of the stock is currently owned by institutional investors.

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.