Barrick Gold (NYSE:GOLD) Cut to “Neutral” at CIBC

CIBC lowered shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a sector outperform rating to a neutral rating in a research note issued to investors on Monday, Marketbeat reports.

Several other analysts have also recently commented on the company. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, August 29th. Jefferies Financial Group lifted their price target on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Scotiabank lowered their price target on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a report on Friday, November 8th. TD Securities lowered their price target on Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, 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. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.91.

Barrick Gold Trading Up 0.1 %

Shares of GOLD stock opened at $17.58 on Monday. The firm has a 50-day moving average price of $19.31 and a 200 day moving average price of $18.53. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $21.35. The company has a market capitalization 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 current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

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

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. DCF Advisers LLC raised its position in shares of Barrick Gold by 48.3% in the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock valued at $1,793,000 after purchasing an additional 35,000 shares in the last quarter. Mizuho Markets Americas LLC raised its position in shares of Barrick Gold by 21.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer’s stock valued at $46,097,000 after purchasing an additional 413,012 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Barrick Gold in the 3rd quarter valued at approximately $3,711,000. Aigen Investment Management LP raised its position in shares of Barrick Gold by 330.5% in the 3rd quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer’s stock valued at $1,974,000 after purchasing an additional 76,186 shares in the last quarter. Finally, Evexia Wealth LLC acquired a new position in shares of Barrick Gold in the 3rd quarter valued at approximately $2,382,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.