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

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price cut by stock analysts at TD Securities from $27.00 to $26.00 in a note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the gold and copper producer’s stock. TD Securities’ target price indicates a potential upside of 42.86% from the company’s current price.

A number of other research analysts have also recently weighed in on GOLD. Scotiabank cut their price objective on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a research report on Friday. Jefferies Financial Group raised their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Royal Bank of Canada boosted their price objective on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. 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 research note on Wednesday, October 30th. Finally, Raymond James dropped their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Price Performance

Shares of Barrick Gold stock traded down $0.28 during trading hours on Friday, reaching $18.20. The company’s stock had a trading volume of 18,870,494 shares, compared to its average volume of 21,197,031. The firm has a 50 day moving average price of $20.02 and a 200-day moving average price of $18.44. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31. The stock has a market cap of $31.81 billion, a P/E ratio of 19.58, a P/E/G ratio of 0.45 and a beta of 0.56. Barrick Gold has a one year low of $13.76 and a one year high of $21.35.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GOLD. Clean Yield Group purchased a new position in Barrick Gold during the 1st quarter worth approximately $25,000. Exchange Traded Concepts LLC lifted its position 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 valued at $28,000 after purchasing an additional 935 shares during the period. Crewe Advisors LLC grew its holdings in Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after acquiring an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. purchased a new position in Barrick Gold during the second quarter valued at approximately $32,000. Finally, Eastern Bank acquired a new position in Barrick Gold in the third quarter valued at approximately $32,000. Hedge funds and other institutional investors 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.