Barrick Gold (NYSE:GOLD) Downgraded to “Neutral” Rating by CIBC

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

Several other equities research analysts have also recently commented on the company. Jefferies Financial Group increased 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. UBS Group downgraded Barrick Gold from a “buy” rating to a “neutral” rating and cut their target price for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Raymond James lowered their price target on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. TD Securities cut their price objective on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Finally, Scotiabank decreased their target price on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Barrick Gold currently has an average rating of “Moderate Buy” and a consensus target price of $25.60.

Barrick Gold Stock Up 0.1 %

Shares of NYSE GOLD opened at $17.57 on Monday. The stock has a market cap of $30.71 billion, a PE ratio of 18.89, a P/E/G 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 has a 12-month low of $13.76 and a 12-month high of $21.35. The company has a 50-day moving average of $19.26 and a 200 day moving average of $18.53.

Barrick Gold Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. DCF Advisers LLC lifted its position in shares of Barrick Gold by 48.3% during the second quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock worth $1,793,000 after purchasing an additional 35,000 shares in the last quarter. Mizuho Markets Americas LLC increased its stake in Barrick Gold by 21.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer’s stock worth $46,097,000 after buying an additional 413,012 shares during the period. Entropy Technologies LP acquired a new stake in Barrick Gold during the 3rd quarter worth approximately $3,711,000. Aigen Investment Management LP boosted its position in 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 buying an additional 76,186 shares during the period. Finally, Evexia Wealth LLC acquired a new position in shares of Barrick Gold in the third quarter worth $2,382,000. 62.85% of the stock is currently 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.