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

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

Several other equities analysts have also recently issued reports on GOLD. Jefferies Financial Group boosted their price target on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and dropped their target price for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. TD Securities dropped their price objective on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, Raymond James reduced their target price on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Barrick Gold currently has an average rating of “Moderate Buy” and a consensus target price of $23.70.

Barrick Gold Trading Down 2.9 %

Shares of Barrick Gold stock opened at $17.69 on Monday. The company’s fifty day moving average is $19.42 and its two-hundred day moving average is $18.53. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.35. 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 capitalization of $30.92 billion, a P/E ratio of 19.02, a PEG ratio of 0.43 and a beta of 0.56.

Barrick Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is 43.01%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Barrick Gold by 221.1% during the 3rd 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 acquiring an additional 6,904,934 shares during the period. EdgePoint Investment Group Inc. increased its stake in Barrick Gold by 38.8% in the 1st quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock valued at $302,366,000 after purchasing an additional 5,080,510 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Barrick Gold by 4,713.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock worth $69,141,000 after purchasing an additional 4,058,351 shares during the last quarter. Letko Brosseau & Associates Inc. purchased a new stake in Barrick Gold during the second quarter worth $66,820,000. Finally, The Manufacturers Life Insurance Company grew its holdings 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 valued at $227,524,000 after purchasing an additional 2,854,055 shares during the last quarter. 62.85% of the stock is currently owned by institutional investors and hedge funds.

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.