Citigroup Has Lowered Expectations for Barrick Gold (NYSE:GOLD) Stock Price

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective decreased by Citigroup from $21.00 to $17.00 in a research report issued on Monday,BayStreet.CA reports. The firm currently has a “neutral” rating on the gold and copper producer’s stock. Citigroup’s price target would indicate a potential downside of 12.44% from the company’s current price.

A number of other equities analysts have also recently issued reports on GOLD. Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $21.00 to $18.00 in a research note on Monday, January 27th. Scotiabank upped their price objective on Barrick Gold from $19.00 to $20.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 18th. Stifel Canada upgraded Barrick Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. TD Securities dropped their price objective on Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Finally, UBS Group raised shares of Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Wednesday, March 5th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.71.

Barrick Gold Stock Performance

Shares of GOLD traded up $0.28 during trading hours on Monday, reaching $19.42. 15,983,750 shares of the company traded hands, compared to its average volume of 21,803,053. Barrick Gold has a 1-year low of $15.11 and a 1-year high of $21.35. The stock has a market cap of $33.50 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 0.44 and a beta of 0.58. The stock’s fifty day moving average is $17.85 and its 200 day moving average is $18.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.15 and a current ratio of 2.89.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Equities research analysts anticipate that Barrick Gold will post 1.47 earnings per share for the current fiscal year.

Barrick Gold declared that its board has initiated a stock buyback plan on Wednesday, February 12th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the gold and copper producer to buy up to 3.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Barrick Gold

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Crowley Wealth Management Inc. purchased a new stake in Barrick Gold in the 4th quarter valued at $26,000. Vega Investment Solutions bought a new stake in Barrick Gold during the 4th quarter valued at $31,000. Strategic Investment Solutions Inc. IL purchased a new position in Barrick Gold during the 4th quarter valued at about $37,000. Ameriflex Group Inc. purchased a new stake in shares of Barrick Gold in the fourth quarter worth about $39,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Barrick Gold by 619.7% in the fourth quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock valued at $48,000 after acquiring an additional 2,646 shares during the period. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.