Barrick Gold (NYSE:GOLD) Downgraded by UBS Group to “Neutral”

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by research analysts at UBS Group from a “buy” rating to a “neutral” rating in a report issued on Wednesday, Briefing.com reports. They presently have a $22.00 price target on the gold and copper producer’s stock, down from their previous price target of $23.00. UBS Group’s price target would suggest a potential upside of 8.48% from the stock’s current price.

A number of other research firms have also issued reports on GOLD. Scotiabank raised their price target on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Thursday, August 29th. CIBC raised their target price on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. 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 report on Friday, September 13th. Finally, Raymond James dropped their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

Barrick Gold Stock Performance

GOLD opened at $20.28 on Wednesday. The firm’s 50-day moving average price is $20.17 and its 200-day moving average price is $18.36. The company has a market cap of $35.55 billion, a P/E ratio of 24.73, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the company posted $0.19 earnings per share. As a group, equities analysts anticipate that Barrick Gold will post 1.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Barrick Gold

Several hedge funds and other institutional investors have recently made changes to their positions in GOLD. Clean Yield Group acquired a new position in Barrick Gold during the first quarter worth about $25,000. Exchange Traded Concepts LLC increased its stake in shares of 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 during the last quarter. Crewe Advisors LLC raised its holdings in shares of Barrick Gold by 628.8% during 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 during the period. Jackson Grant Investment Advisers Inc. acquired a new position in shares of Barrick Gold during the 2nd quarter valued at about $32,000. Finally, Eastern Bank acquired a new stake in Barrick Gold during the third quarter worth about $32,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.