Barrick Gold (NYSE:GOLD) Shares Down 1.1% – What’s Next?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) traded down 1.1% during trading on Wednesday . The stock traded as low as $16.82 and last traded at $16.84. 5,297,845 shares traded hands during trading, a decline of 75% from the average session volume of 21,298,307 shares. The stock had previously closed at $17.02.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price objective for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Raymond James dropped their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Royal Bank of Canada lifted their price objective 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. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a report on Thursday, August 29th. Finally, Jefferies Financial Group boosted 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. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Trading Up 0.4 %

The company has a 50-day simple moving average of $19.79 and a 200 day simple moving average of $18.48. The company has a market capitalization of $29.45 billion, a P/E ratio of 18.12, a P/E/G ratio of 0.40 and a beta of 0.56. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. Barrick Gold’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. Sell-side analysts expect that Barrick Gold Corp will post 1.29 earnings per share for the current year.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.37%. Barrick Gold’s payout ratio is 43.01%.

Institutional Investors Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Exchange Traded Concepts LLC boosted its stake in shares of 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 in the last quarter. Clean Yield Group bought a new stake in shares of Barrick Gold in the 1st quarter valued at about $25,000. Eastern Bank acquired a new stake in shares of Barrick Gold in the third quarter valued at about $32,000. Crewe Advisors LLC lifted its stake in shares of Barrick Gold by 628.8% in 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. Finally, JFS Wealth Advisors LLC increased its position in Barrick Gold by 451.7% during the 3rd quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock valued at $38,000 after purchasing an additional 1,563 shares during the period. 62.85% of the stock is currently owned by institutional investors and hedge funds.

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.