Barrick Gold (NYSE:GOLD) Price Target Lowered to $17.00 at Citigroup

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective lowered by Citigroup from $23.00 to $17.00 in a research report released on Friday,BayStreet.CA reports. The firm currently has a neutral rating on the gold and copper producer’s stock.

Several other brokerages have also recently commented on GOLD. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, August 29th. Berenberg Bank raised their price objective on Barrick Gold from $37.00 to $38.00 in a research note on Tuesday, November 26th. Jefferies Financial Group boosted their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. TD Securities cut their price target on Barrick Gold from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Barrick Gold presently has an average rating of “Moderate Buy” and an average price target of $24.82.

Barrick Gold Trading Up 1.5 %

NYSE GOLD opened at $15.46 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The stock’s 50 day moving average price is $18.17 and its two-hundred day moving average price is $18.46. The stock has a market capitalization of $26.92 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 0.47 and a beta of 0.53. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.35.

Barrick Gold Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a $0.10 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.59%. Barrick Gold’s payout ratio is 43.01%.

Institutional Investors Weigh In On Barrick Gold

Several institutional investors and hedge funds have recently modified their holdings of GOLD. Principal Financial Group Inc. grew its stake in shares of Barrick Gold by 19.9% in the third 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 in the last quarter. Inspire Trust Co. N.A. lifted its stake in shares of Barrick Gold by 25.2% in the 3rd quarter. Inspire Trust Co. N.A. now owns 49,700 shares of the gold and copper producer’s stock valued at $989,000 after purchasing an additional 10,000 shares during the last quarter. Synovus Financial Corp bought a new position in shares of Barrick Gold in the 3rd quarter valued at approximately $210,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Barrick Gold in the third quarter worth $517,000. Finally, Chelsea Counsel Co. increased its position in shares of Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after purchasing an additional 590 shares during the period. Hedge funds and other 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.