Cibc World Mkts Downgrades Barrick Gold (NYSE:GOLD) to Hold

Cibc World Mkts downgraded shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks.com reports.

A number of other analysts have also weighed in on the company. Royal Bank of Canada increased their price objective on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Jefferies Financial Group raised their target price on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. CIBC lowered Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday. Raymond James cut their price target on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday. Finally, 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 note on Thursday, August 29th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.60.

Barrick Gold Price Performance

Shares of NYSE GOLD opened at $17.57 on Monday. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $21.35. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $30.71 billion, a P/E ratio of 18.89, a P/E/G ratio of 0.42 and a beta of 0.56. The stock’s 50-day simple moving average is $19.26 and its two-hundred day simple moving average is $18.53.

Barrick Gold Dividend Announcement

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 given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GOLD. Synovus Financial Corp purchased a new position in shares of Barrick Gold during the 3rd quarter worth $210,000. Wilmington Savings Fund Society FSB purchased a new position in Barrick Gold during the third quarter valued at $517,000. Chelsea Counsel Co. grew its holdings in Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after purchasing an additional 590 shares during the period. Bard Financial Services Inc. increased its position in Barrick Gold by 3.5% in the third quarter. Bard Financial Services Inc. now owns 55,875 shares of the gold and copper producer’s stock worth $1,111,000 after buying an additional 1,875 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its stake in shares of Barrick Gold by 43.9% in the third quarter. Sunbelt Securities Inc. now owns 14,241 shares of the gold and copper producer’s stock worth $283,000 after buying an additional 4,345 shares during the period. 62.85% of the stock is 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.