TD Securities Issues Pessimistic Forecast for Barrick Gold (NYSE:GOLD) Stock Price

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price decreased by stock analysts at TD Securities from $26.00 to $25.00 in a report released on Tuesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the gold and copper producer’s stock. TD Securities’ price objective indicates a potential upside of 43.60% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Thursday, August 29th. CIBC downgraded shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday. Jefferies Financial Group raised their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Finally, Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.91.

Barrick Gold Trading Down 1.5 %

GOLD stock traded down $0.27 during trading on Tuesday, hitting $17.41. The company had a trading volume of 16,129,932 shares, compared to its average volume of 21,529,871. The firm has a market capitalization of $30.43 billion, a P/E ratio of 18.69, a PEG ratio of 0.43 and a beta of 0.56. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35. The company has a 50 day simple moving average of $19.42 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 bought and sold shares of GOLD. Connor Clark & Lunn Investment Management Ltd. boosted its stake 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. EdgePoint Investment Group Inc. increased its holdings in Barrick Gold by 38.8% in the 1st quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after acquiring an additional 5,080,510 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Barrick Gold by 4,713.3% in the 2nd 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 acquiring an additional 4,058,351 shares in the last quarter. Letko Brosseau & Associates Inc. purchased a new stake in Barrick Gold in the 2nd quarter worth $66,820,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Barrick Gold by 33.3% during 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 in the last quarter. 62.85% of the stock is currently owned by institutional investors and hedge funds.

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.