Barrick Gold (NYSE:GOLD) Downgraded by Bank of America to "Neutral"

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX was downgraded by equities research analysts at Bank of America from a "buy" rating to a "neutral" rating in a report issued on Monday, Marketbeat.com reports. They currently have a $18.00 price objective on the gold and copper producer's stock, down from their prior price objective of $21.00. Bank of America's price objective suggests a potential upside of 12.82% from the stock's current price.

Several other equities research analysts have also issued reports on GOLD. Scotiabank lowered Barrick Gold from a "sector outperform" rating to a "sector perform" rating and decreased their target price for the company from $23.00 to $19.00 in a research report on Tuesday, January 21st. Citigroup dropped their target price on shares of Barrick Gold from $23.00 to $17.00 and set a "neutral" rating on the stock in a research note on Friday, December 20th. Raymond James lowered their price objective on Barrick Gold from $26.00 to $25.00 and set an "outperform" rating on the stock in a research note on Monday, November 25th. CIBC cut Barrick Gold from a "sector outperform" rating to a "neutral" rating in a research report on Monday, November 25th. Finally, Berenberg Bank boosted their price target on shares of Barrick Gold from $37.00 to $38.00 in a research 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $23.92.

Barrick Gold Stock Down 0.7 %

Shares of GOLD traded down $0.11 during trading hours on Monday, hitting $15.95. The stock had a trading volume of 16,973,224 shares, compared to its average volume of 18,147,756. The firm has a 50 day simple moving average of $16.40 and a 200-day simple moving average of $18.30. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $21.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The firm has a market capitalization of $27.55 billion, a P/E ratio of 17.15, a price-to-earnings-growth ratio of 0.30 and a beta of 0.54.

Institutional Investors Weigh In On Barrick Gold

Institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its holdings in Barrick Gold by 19.9% during the 3rd quarter. Principal Financial Group Inc. now owns 483,613 shares of the gold and copper producer's stock valued at $9,630,000 after purchasing an additional 80,366 shares during the period. Mizuho Markets Americas LLC increased its stake in shares of Barrick Gold by 21.7% during the third quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer's stock valued at $46,097,000 after buying an additional 413,012 shares during the period. Entropy Technologies LP bought a new position in shares of Barrick Gold during the third quarter valued at approximately $3,711,000. Aigen Investment Management LP lifted its stake in Barrick Gold by 330.5% in the third quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer's stock worth $1,974,000 after acquiring an additional 76,186 shares during the period. Finally, Crocodile Capital Partners GmbH boosted its holdings in Barrick Gold by 97.3% in the fourth quarter. Crocodile Capital Partners GmbH now owns 1,460,000 shares of the gold and copper producer's stock valued at $22,630,000 after acquiring an additional 720,000 shares in the last quarter. 62.85% of the stock is currently 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.