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

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target increased by Berenberg Bank from $37.00 to $38.00 in a research note issued on Tuesday,BayStreet.CA reports. Berenberg Bank’s price target would suggest a potential upside of 116.15% from the company’s current price.

A number of other analysts have also recently commented on GOLD. Scotiabank dropped their price objective on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research report on Monday. Cibc World Mkts cut Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday. CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. UBS Group cut 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. Finally, Royal Bank of Canada lifted 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. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $24.91.

Barrick Gold Trading Up 0.1 %

Barrick Gold stock opened at $17.58 on Tuesday. The stock has a market cap of $30.73 billion, a PE ratio of 18.90, a P/E/G ratio of 0.42 and a beta of 0.56. The stock has a 50-day moving average price of $19.31 and a 200 day moving average price of $18.53. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.35. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Hedge Funds Weigh In On Barrick Gold

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its position in Barrick Gold by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock worth $1,088,484,000 after acquiring an additional 1,458,084 shares in the last quarter. EdgePoint Investment Group Inc. lifted its position in Barrick Gold by 3.7% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after acquiring an additional 666,214 shares in the last quarter. CIBC Asset Management Inc lifted its position in Barrick Gold by 3.3% during the 2nd quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after acquiring an additional 461,406 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Barrick Gold by 33.3% during the 3rd 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. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Barrick Gold by 221.1% in 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 purchasing an additional 6,904,934 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

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.