Barrick Gold (NYSE:GOLD) Downgraded to "Sector Perform" Rating by Scotiabank

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX was downgraded by equities researchers at Scotiabank from a "sector outperform" rating to a "sector perform" rating in a report released on Tuesday, MarketBeat Ratings reports. They currently have a $19.00 price target on the gold and copper producer's stock, down from their previous price target of $23.00. Scotiabank's price target would indicate a potential upside of 18.94% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Citigroup lowered their target price on shares of Barrick Gold from $23.00 to $17.00 and set a "neutral" rating on the stock in a report on Friday, December 20th. UBS Group downgraded shares of Barrick Gold from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. CIBC cut Barrick Gold from a "sector outperform" rating to a "neutral" rating in a report on Monday, November 25th. TD Securities dropped 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 downgraded Barrick Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, November 25th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $24.45.

Barrick Gold Price Performance

Shares of GOLD stock traded down $0.03 on Tuesday, hitting $15.98. 17,553,665 shares of the stock traded hands, compared to its average volume of 16,305,269. The firm has a market cap of $27.59 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 0.30 and a beta of 0.54. 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 50 day simple moving average of $16.50 and a two-hundred day simple moving average of $18.36. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.35.

Institutional Trading of Barrick Gold

Several institutional investors and hedge funds have recently made changes to their positions in the company. Exchange Traded Concepts LLC lifted its holdings in Barrick Gold by 198.1% during 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. Eastern Bank purchased a new stake in shares of Barrick Gold during the 3rd quarter worth $32,000. JFS Wealth Advisors LLC boosted its position in Barrick Gold by 451.7% during the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer's stock valued at $38,000 after purchasing an additional 1,563 shares in the last quarter. AlphaMark Advisors LLC purchased a new position in Barrick Gold in the third quarter valued at about $60,000. Finally, BNP Paribas raised its holdings in Barrick Gold by 221.7% in the third quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer's stock worth $62,000 after purchasing an additional 2,113 shares in the last quarter. 62.85% of the stock is currently owned by 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.