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

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price lowered by Scotiabank from $25.00 to $24.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the gold and copper producer’s stock. Scotiabank’s price objective suggests a potential upside of 29.94% from the stock’s previous close.

A number of other analysts also recently commented on the stock. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Jefferies Financial Group lifted their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. 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 research report on Thursday, September 26th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, August 29th. Finally, Royal Bank of Canada lifted their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Barrick Gold currently has an average rating of “Moderate Buy” and an average target price of $23.40.

Barrick Gold Stock Up 0.2 %

GOLD stock opened at $18.47 on Friday. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.35. The company has a market capitalization of $32.29 billion, a price-to-earnings ratio of 21.48, a price-to-earnings-growth ratio of 0.45 and a beta of 0.56. The firm’s 50-day moving average is $20.02 and its two-hundred day 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 (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The company had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the previous year, the firm earned $0.19 EPS. Barrick Gold’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 Trading of Barrick Gold

Large investors have recently added to or reduced their stakes in the business. Ritholtz Wealth Management lifted its stake in shares of Barrick Gold by 2.8% in the third quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock worth $361,000 after buying an additional 502 shares during the last quarter. Greenleaf Trust lifted its stake in shares of Barrick Gold by 2.1% in the third quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock worth $510,000 after buying an additional 540 shares during the last quarter. Silverlake Wealth Management LLC lifted its stake in shares of Barrick Gold by 1.3% in the third quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock worth $992,000 after buying an additional 628 shares during the last quarter. Whitener Capital Management Inc. lifted its stake in shares of Barrick Gold by 0.9% in the third quarter. Whitener Capital Management Inc. now owns 73,185 shares of the gold and copper producer’s stock worth $1,456,000 after buying an additional 675 shares during the last quarter. Finally, apricus wealth LLC lifted its stake in shares of Barrick Gold by 0.6% in the third quarter. apricus wealth LLC now owns 112,850 shares of the gold and copper producer’s stock worth $2,245,000 after buying an additional 710 shares during the last quarter. 62.85% of the stock is 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.