Scotiabank Lowers Barrick Gold (NYSE:GOLD) Price Target to $24.00

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX had its target price decreased by stock analysts at Scotiabank from $25.00 to $24.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "sector outperform" rating on the gold and copper producer's stock. Scotiabank's price target suggests a potential upside of 30.36% from the stock's current price.

GOLD has been the topic of several other reports. Jefferies Financial Group increased their price objective on Barrick Gold from $23.00 to $24.00 and gave the company a "buy" rating in a research report on Friday, September 13th. UBS Group cut shares of Barrick Gold from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $23.00 to $22.00 in a research report on Wednesday, October 30th. Argus raised Barrick Gold from a "hold" rating to a "buy" rating and set a $24.00 price target on the stock in a research report on Thursday, August 29th. Raymond James dropped their target price on shares of Barrick Gold from $26.50 to $26.00 and set an "outperform" rating on the stock in a report on Thursday, September 26th. Finally, Royal Bank of Canada lifted their price objective 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. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $23.90.

Barrick Gold Stock Performance

Shares of GOLD traded down $0.07 on Friday, reaching $18.41. 25,961,467 shares of the company's stock traded hands, compared to its average volume of 21,229,709. The stock's 50 day simple moving average is $20.02 and its two-hundred day simple moving average is $18.44. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35. The stock has a market cap of $32.18 billion, a PE ratio of 19.58, a PEG ratio of 0.45 and a beta of 0.56.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last issued its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the previous year, the company posted $0.19 earnings per share. The business's revenue was up 11.6% on a year-over-year basis. On average, analysts forecast that Barrick Gold will post 1.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Barrick Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GOLD. Gemsstock Ltd. boosted its stake in Barrick Gold by 69.1% during the third quarter. Gemsstock Ltd. now owns 1,269,600 shares of the gold and copper producer's stock worth $25,252,000 after buying an additional 518,900 shares during the period. Avior Wealth Management LLC boosted its position in shares of Barrick Gold by 24.1% during the third quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer's stock worth $68,000 after buying an additional 659 shares during the period. SouthState Corp raised its holdings in shares of Barrick Gold by 2.2% in the 3rd quarter. SouthState Corp now owns 468,444 shares of the gold and copper producer's stock valued at $9,317,000 after buying an additional 10,108 shares during the period. Prospera Financial Services Inc boosted its holdings in Barrick Gold by 2.4% during the 3rd quarter. Prospera Financial Services Inc now owns 87,217 shares of the gold and copper producer's stock valued at $1,735,000 after acquiring an additional 2,017 shares during the period. Finally, Caprock Group LLC lifted its position in shares of Barrick Gold by 0.5% during the third quarter. Caprock Group LLC now owns 202,547 shares of the gold and copper producer's stock worth $4,029,000 after purchasing an additional 998 shares in the last quarter. Institutional investors and hedge funds own 62.85% of the company's stock.

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.