Barrick Gold (NYSE:GOLD) Rating Lowered to Neutral at Bank of America

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Monday,Briefing.com Automated Import reports. They presently have a $18.00 price target on the gold and copper producer’s stock, down from their prior price target of $21.00. Bank of America‘s price target would suggest a potential upside of 11.62% from the stock’s previous close.

Several other equities research analysts have also weighed in on GOLD. Citigroup dropped their price objective on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, December 20th. Raymond James dropped their price target on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $23.00 to $22.00 in a research report on Wednesday, October 30th. CIBC lowered Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Finally, Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Barrick Gold presently has an average rating of “Moderate Buy” and an average price target of $23.92.

Barrick Gold Stock Performance

GOLD stock opened at $16.13 on Monday. The firm has a market cap of $27.85 billion, a P/E ratio of 17.34, a P/E/G ratio of 0.30 and a beta of 0.54. The stock’s 50 day simple moving average is $16.42 and its 200 day simple moving average is $18.31. 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.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Marshall Wace LLP increased its holdings in shares of Barrick Gold by 73.3% in the second quarter. Marshall Wace LLP now owns 467,220 shares of the gold and copper producer’s stock valued at $7,793,000 after buying an additional 197,613 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Barrick Gold by 24.8% in the 2nd quarter. AQR Capital Management LLC now owns 43,901 shares of the gold and copper producer’s stock worth $732,000 after acquiring an additional 8,712 shares during the last quarter. Creative Planning raised its position in shares of Barrick Gold by 25.6% during the second quarter. Creative Planning now owns 108,493 shares of the gold and copper producer’s stock worth $1,810,000 after purchasing an additional 22,103 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Barrick Gold by 61.0% during the second quarter. NewEdge Advisors LLC now owns 164,352 shares of the gold and copper producer’s stock valued at $2,741,000 after purchasing an additional 62,271 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Barrick Gold by 1.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 38,999 shares of the gold and copper producer’s stock valued at $650,000 after purchasing an additional 731 shares during the period. 62.85% of the stock is 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.