Barrick Gold (NYSE:GOLD) Lowered to “Neutral” Rating by Bank of America

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

Several other research firms have also recently issued reports on GOLD. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. TD Securities reduced their price target on Barrick Gold from $26.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Scotiabank downgraded Barrick Gold from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $23.00 to $19.00 in a research report on Tuesday, January 21st. Finally, Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.92.

Barrick Gold Stock Up 1.9 %

Shares of NYSE:GOLD opened at $16.13 on Monday. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. The company has a market capitalization 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. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35. The stock’s fifty day simple moving average is $16.42 and its 200-day simple moving average is $18.31.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Exchange Traded Concepts LLC increased its holdings in Barrick Gold by 198.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after purchasing an additional 935 shares during the last quarter. Eastern Bank bought a new stake in shares of Barrick Gold in the third quarter worth $32,000. JFS Wealth Advisors LLC increased its stake in shares of Barrick Gold by 451.7% in the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after buying an additional 1,563 shares during the last quarter. AlphaMark Advisors LLC bought a new position in Barrick Gold during the 3rd quarter valued at $60,000. Finally, BNP Paribas grew its holdings in Barrick Gold by 221.7% during the 3rd quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer’s stock worth $62,000 after acquiring an additional 2,113 shares in the last quarter. 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.