Royal Bank of Canada Cuts Barrick Gold (NYSE:GOLD) Price Target to $20.00

Barrick Gold (NYSE:GOLDGet Rating) (TSE:ABX) had its price target trimmed by Royal Bank of Canada from $27.00 to $20.00 in a research report sent to investors on Monday, The Fly reports. The brokerage currently has an outperform rating on the gold and copper producer’s stock.

A number of other equities research analysts also recently issued reports on the company. Barclays reduced their price target on Barrick Gold from $25.00 to $23.00 and set an overweight rating on the stock in a research report on Monday. TheStreet downgraded Barrick Gold from a b- rating to a c+ rating in a research report on Friday, July 29th. Raymond James reduced their price target on Barrick Gold from $24.50 to $23.00 and set an outperform rating on the stock in a research report on Friday, November 4th. BMO Capital Markets increased their price target on Barrick Gold from $27.00 to $28.00 and gave the stock an outperform rating in a research report on Tuesday, August 9th. Finally, TD Securities reduced their price target on Barrick Gold from $24.00 to $21.00 and set a buy rating on the stock in a research report on Friday, November 4th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $23.59.

Barrick Gold Price Performance

Barrick Gold stock opened at $16.23 on Monday. Barrick Gold has a 12 month low of $13.01 and a 12 month high of $26.07. The stock’s 50 day moving average is $15.21 and its 200-day moving average is $16.85. The company has a current ratio of 3.76, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $28.59 billion, a price-to-earnings ratio of 15.17, a PEG ratio of 10.15 and a beta of 0.27.

Barrick Gold Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Tuesday, November 29th. Barrick Gold’s payout ratio is 37.38%.

Institutional Trading of Barrick Gold

A number of large investors have recently bought and sold shares of GOLD. Toroso Investments LLC lifted its position in shares of Barrick Gold by 36.3% during the 3rd quarter. Toroso Investments LLC now owns 29,712 shares of the gold and copper producer’s stock worth $460,000 after buying an additional 7,907 shares in the last quarter. Eagle Bay Advisors LLC grew its position in shares of Barrick Gold by 27.8% during the 3rd quarter. Eagle Bay Advisors LLC now owns 10,309 shares of the gold and copper producer’s stock valued at $160,000 after purchasing an additional 2,244 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in Barrick Gold by 22.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 18,893 shares of the gold and copper producer’s stock worth $293,000 after acquiring an additional 3,427 shares in the last quarter. TT International Asset Management LTD lifted its stake in Barrick Gold by 5.1% in the third quarter. TT International Asset Management LTD now owns 8,335,220 shares of the gold and copper producer’s stock worth $129,195,000 after purchasing an additional 408,115 shares during the last quarter. Finally, M&T Bank Corp lifted its stake in Barrick Gold by 3.0% in the third quarter. M&T Bank Corp now owns 42,617 shares of the gold and copper producer’s stock worth $660,000 after purchasing an additional 1,242 shares during the last quarter. 58.03% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Company Profile

(Get Rating)

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.

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