Gold News: Barrick Gold Corporation (USA) (ABX), SPDR Gold Trust (ETF) (GLD), Freeport-McMoRan Copper & Gold Inc. (FCX)

…the ultra-deep Davy Jones well located in the shallow waters off the Gulf Coast. Of course, Davy Jones isn’t the only well that the company has acquired, but it is the most important one.

Goldcorp PT Lowered to $31.00 (GG) (The Utah People’s Post)
Goldcorp Inc. (USA) (NYSE:GG) had its price target lowered by Deutsche Bank from $35.00 to $31.00 in a research report sent to investors on Thursday morning, ARN reports. The firm currently has a hold rating on the stock. GG has been the subject of a number of other recent research reports. Analysts at Canaccord Genuity cut their price target on shares of Goldcorp from $51.00 to $46.00 in a research note to investors on Thursday.

Outflows in Gold ETFs Surge as Traders Bolt (Wall Street Journal)
Investors in gold exchange-traded funds have been rushing to the exits as gold prices plunge. More than $1 billion flowed out of the SPDR Gold Trust (ETF) (NYSEARCA:GLD) Friday, according to IndexUniverse, marking the third-largest outflow on record since the fund’s inception in 2004. Trading volume in the SPDR Gold Trust on Monday was running more than seven times average and was the heaviest on record, topping the previous high set in December 2009, as gold prices continued their free fall. More than 79 million shares had traded hands with about an hour left in Monday’s trading session, according to FactSet.

Barrick Gold Corp Given Outperform Rating at Credit Suisse (ABX) (Zolmax)
Credit Suisse currently has a $38.00 target price on the stock, down from their previous target price of $40.00. Shares of Barrick Gold Corporation (USA) (NYSE:ABX) traded down 11.32% during mid-day trading on Thursday, hitting $20.06. Barrick Gold Corp has a one year low of $22.58 and a one year high of $43.30. The stock’s 50-day moving average is currently $29.3. The company’s market cap is $20.083 billion.

Freeport McMoRan Copper and Gold Stock Rating Reaffirmed by BB&T (FCX) (The Utah People’s Post)
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX)‘s stock had its “buy” rating restated by equities researchers at BB&T in a report issued on Monday, Analyst Ratings Network.com reports. They currently have a $44.00 target price on the stock. Shares of Freeport McMoRan Copper and Gold traded down 7.51% during mid-day trading on Monday, hitting $29.524. Freeport McMoRan Copper and Gold has a one year low of $30.54 and a one year high of $43.65. The stock’s 50-day moving average is currently $32.6. The company has a market cap of $28.034 billion and a P/E ratio of 10.01.