Barrick Gold (NYSE:GOLD) Cut to “Neutral” at Bank of America

Bank of America cut shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a buy rating to a neutral rating in a research report report published on Monday morning, Marketbeat Ratings reports. Bank of America currently has $18.00 target price on the gold and copper producer’s stock, down from their previous target price of $21.00.

A number of other equities analysts have also commented on the company. Raymond James cut their price target on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Monday, November 25th. Scotiabank lowered Barrick Gold from a “sector 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 Tuesday, January 21st. UBS Group cut Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price target for the company from $23.00 to $22.00 in a research report on Wednesday, October 30th. CIBC lowered shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Finally, Berenberg Bank upped their target price on shares of Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus target price of $23.92.

Barrick Gold Stock Performance

Shares of GOLD stock opened at $15.92 on Monday. The firm’s 50 day moving average is $16.36 and its 200 day moving average is $18.28. The stock has a market capitalization of $27.49 billion, a P/E ratio of 17.11, a PEG ratio of 0.30 and a beta of 0.54. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $21.35. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Friday, November 29th. Barrick Gold’s payout ratio is 43.01%.

Hedge Funds Weigh In On Barrick Gold

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

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.