Barrick Gold (NYSE:GOLD) Price Target Cut to $24.00 by Analysts at Raymond James

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective cut by investment analysts at Raymond James from $25.00 to $24.00 in a report issued on Friday,BayStreet.CA reports. The firm currently has an “outperform” rating on the gold and copper producer’s stock. Raymond James’ price target suggests a potential upside of 40.47% from the company’s previous close.

A number of other analysts have also recently commented on GOLD. Cibc World Mkts cut Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Bank of America lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price objective for the company from $21.00 to $18.00 in a research report on Monday, January 27th. 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. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Finally, Scotiabank lowered shares of Barrick Gold from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $23.00 to $19.00 in a report on Thursday, January 30th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.83.

Barrick Gold Price Performance

Barrick Gold stock traded down $0.10 during mid-day trading on Friday, reaching $17.09. The company had a trading volume of 21,424,839 shares, compared to its average volume of 19,616,662. The stock’s 50-day simple moving average is $16.20 and its 200-day simple moving average is $18.19. The company has a market capitalization of $29.51 billion, a P/E ratio of 18.37, a P/E/G ratio of 0.36 and a beta of 0.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.35.

Institutional Investors Weigh In On Barrick Gold

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. grew its position in Barrick Gold by 19.9% in the 3rd quarter. Principal Financial Group Inc. now owns 483,613 shares of the gold and copper producer’s stock worth $9,630,000 after purchasing an additional 80,366 shares during the last quarter. Mizuho Markets Americas LLC grew its position in 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 worth $46,097,000 after purchasing an additional 413,012 shares during the last quarter. Entropy Technologies LP bought a new position in Barrick Gold in the 3rd quarter worth about $3,711,000. Aigen Investment Management LP grew 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 worth $1,974,000 after purchasing an additional 76,186 shares during the last quarter. Finally, Crocodile Capital Partners GmbH lifted its stake in shares of Barrick Gold by 97.3% in the 4th quarter. Crocodile Capital Partners GmbH now owns 1,460,000 shares of the gold and copper producer’s stock worth $22,630,000 after acquiring an additional 720,000 shares during the period. 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.