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

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target reduced by Scotiabank from $24.00 to $23.00 in a report published on Monday,Benzinga reports. They currently have a sector outperform rating on the gold and copper producer’s stock.

Several other analysts have also recently issued reports on the stock. Argus upgraded 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. 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. TD Securities decreased their target price 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. Finally, CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday. 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.91.

Barrick Gold Stock Performance

Shares of NYSE GOLD opened at $17.58 on Monday. 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 company has a market cap of $30.73 billion, a P/E ratio of 18.90, a P/E/G ratio of 0.42 and a beta of 0.56. The firm’s fifty 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.

Barrick Gold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.28%. Barrick Gold’s dividend payout ratio is currently 43.01%.

Hedge Funds Weigh In On Barrick Gold

Hedge funds have recently added to or reduced their stakes in the stock. Clean Yield Group bought a new position in Barrick Gold in the 1st quarter worth about $25,000. Exchange Traded Concepts LLC grew its stake in Barrick Gold by 198.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after acquiring an additional 935 shares in the last quarter. Crewe Advisors LLC grew its stake in Barrick Gold by 628.8% in the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after acquiring an additional 1,572 shares in the last quarter. Jackson Grant Investment Advisers Inc. bought a new position in shares of Barrick Gold during the second quarter valued at approximately $32,000. Finally, Eastern Bank bought a new position in shares of Barrick Gold during the third quarter valued at approximately $32,000. 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.