Raymond James Issues Pessimistic Forecast for Barrick Gold (NYSE:GOLD) Stock Price

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price reduced by analysts at Raymond James from $26.00 to $25.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the gold and copper producer’s stock. Raymond James’ target price would suggest a potential upside of 42.37% from the company’s current price.

Several other analysts also recently issued reports on the stock. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. TD Securities cut their price target on Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, November 8th. Scotiabank decreased their price objective on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a research note on Friday, November 8th. Royal Bank of Canada upped their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, CIBC downgraded shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.80.

Barrick Gold Price Performance

NYSE GOLD traded down $0.66 during mid-day trading on Monday, hitting $17.56. The stock had a trading volume of 5,758,563 shares, compared to its average volume of 21,474,484. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35. The company has a market cap of $30.70 billion, a price-to-earnings ratio of 18.88, a P/E/G ratio of 0.43 and a beta of 0.56. The company has a 50 day simple moving average of $19.47 and a 200 day simple moving average of $18.53. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Institutional Trading of Barrick Gold

A number of institutional investors have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC boosted its position in shares of Barrick Gold by 198.1% in the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after buying an additional 935 shares during the period. Clean Yield Group bought a new stake in shares of Barrick Gold in the 1st quarter valued at approximately $25,000. Eastern Bank acquired a new stake in shares of Barrick Gold during the 3rd quarter valued at approximately $32,000. Crewe Advisors LLC lifted its stake in Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the last quarter. Finally, JFS Wealth Advisors LLC boosted its holdings in Barrick Gold by 451.7% in the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after purchasing an additional 1,563 shares during the period. 62.85% of the stock is owned by hedge funds and other institutional investors.

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.