Citigroup Cuts Barrick Gold (NYSE:GOLD) Price Target to $17.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price lowered by Citigroup from $23.00 to $17.00 in a report issued on Friday morning,BayStreet.CA reports. The brokerage currently has a neutral rating on the gold and copper producer’s stock.

Several other equities analysts have also issued reports on GOLD. Scotiabank decreased their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. CIBC lowered Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Royal Bank of Canada increased their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group upped their target price on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.82.

Barrick Gold Price Performance

NYSE:GOLD opened at $15.46 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The company has a market cap of $26.92 billion, a P/E ratio of 16.62, a P/E/G ratio of 0.47 and a beta of 0.53. The firm’s fifty day moving average price is $18.17 and its two-hundred day moving average price is $18.46. Barrick Gold has a one year low of $13.76 and a one year high of $21.35.

Barrick Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Friday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is currently 43.01%.

Institutional Investors Weigh In On Barrick Gold

Large investors have recently bought and sold shares of the company. Ritholtz Wealth Management raised its holdings in Barrick Gold by 2.8% in the 3rd quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock valued at $361,000 after acquiring an additional 502 shares during the last quarter. Greenleaf Trust increased its holdings in Barrick Gold by 2.1% in the 3rd quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock valued at $510,000 after purchasing an additional 540 shares during the last quarter. Moors & Cabot Inc. raised its position in Barrick Gold by 0.9% in the third quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after purchasing an additional 579 shares during the period. Chelsea Counsel Co. lifted its stake in Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after purchasing an additional 590 shares in the last quarter. Finally, Silverlake Wealth Management LLC boosted its position in shares of Barrick Gold by 1.3% during 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 period. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.