Barrick Gold (NYSE:GOLD) Given New $17.00 Price Target at Citigroup

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price decreased by stock analysts at Citigroup from $23.00 to $17.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has a “neutral” rating on the gold and copper producer’s stock. Citigroup’s price target suggests a potential upside of 8.97% from the company’s previous close.

Several other analysts also recently issued reports on GOLD. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Thursday, August 29th. Berenberg Bank boosted their price target on Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Jefferies Financial Group boosted their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Raymond James reduced their target price on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average target price of $24.82.

Barrick Gold Stock Performance

Shares of Barrick Gold stock traded up $0.37 during trading on Friday, hitting $15.60. 15,337,563 shares of the stock were exchanged, compared to its average volume of 21,390,689. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $21.35. The stock has a market capitalization of $27.16 billion, a price-to-earnings ratio of 16.77, a price-to-earnings-growth ratio of 0.47 and a beta of 0.53. The company has a fifty day moving average price of $18.26 and a 200-day moving average price of $18.48. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Institutional Investors Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DCF Advisers LLC boosted its holdings in shares of Barrick Gold by 48.3% in the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock worth $1,793,000 after purchasing an additional 35,000 shares in the last quarter. Mizuho Markets Americas LLC boosted its stake in shares of Barrick Gold by 21.7% during the 3rd 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 purchasing an additional 413,012 shares in the last quarter. Entropy Technologies LP bought a new stake in Barrick Gold during the 3rd quarter valued at approximately $3,711,000. Aigen Investment Management LP increased its stake in shares of Barrick Gold by 330.5% in the 3rd 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 in the last quarter. Finally, Evexia Wealth LLC purchased a new position in shares of Barrick Gold during the third quarter valued at approximately $2,382,000. 62.85% of the stock is currently owned by institutional investors.

About Barrick Gold

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.