Barrick Gold (NYSE:GOLD) Cut to “Sector Perform” at Scotiabank

Scotiabank downgraded shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a sector outperform rating to a sector perform rating in a report issued on Tuesday, MarketBeat Ratings reports. They currently have $19.00 price target on the gold and copper producer’s stock, down from their previous price target of $23.00.

Several other equities research analysts also recently commented on GOLD. CIBC downgraded shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. Raymond James reduced their price objective on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday, November 25th. Berenberg Bank increased their target price on shares of Barrick Gold from $37.00 to $38.00 in a research note on Tuesday, November 26th. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. 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 seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.45.

Barrick Gold Stock Performance

NYSE:GOLD opened at $15.77 on Tuesday. The company has a market capitalization of $27.23 billion, a P/E ratio of 16.95, a P/E/G ratio of 0.31 and a beta of 0.54. The business has a fifty day simple moving average of $16.45 and a two-hundred day simple moving average of $18.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.35.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.54%. The ex-dividend date was Friday, November 29th. Barrick Gold’s dividend payout ratio is currently 43.01%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GOLD. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Barrick Gold by 221.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock worth $199,427,000 after purchasing an additional 6,904,934 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Barrick Gold by 4,713.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock worth $69,141,000 after buying an additional 4,058,351 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Barrick Gold by 33.3% in the third quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after buying an additional 2,854,055 shares during the period. Wellington Management Group LLP lifted its holdings in Barrick Gold by 2.7% in the third quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock worth $1,088,484,000 after buying an additional 1,458,084 shares during the period. Finally, Systrade AG bought a new stake in Barrick Gold during the 3rd quarter valued at approximately $28,094,000. 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.