Barrick Gold (NYSE:GOLD) Shares Down 2.1% – Here’s What Happened

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) fell 2.1% during mid-day trading on Tuesday . The company traded as low as $16.99 and last traded at $17.04. 7,118,095 shares were traded during trading, a decline of 66% from the average session volume of 21,240,701 shares. The stock had previously closed at $17.40.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. TD Securities dropped their price target on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Jefferies Financial Group boosted their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Scotiabank reduced their price objective on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a report on Friday, November 8th. Raymond James reduced their price target on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Finally, UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Stock Performance

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 stock’s 50 day moving average is $19.79 and its two-hundred day moving average is $18.48. The firm has a market cap of $29.45 billion, a P/E ratio of 18.24, a PEG ratio of 0.40 and a beta of 0.56.

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

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.37%. Barrick Gold’s dividend payout ratio (DPR) is 43.01%.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently bought and sold shares of GOLD. Exchange Traded Concepts LLC increased its position in shares of Barrick Gold by 198.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after buying an additional 935 shares in the last quarter. Clean Yield Group acquired a new stake in shares of Barrick Gold during the first quarter worth about $25,000. Eastern Bank bought a new position in shares of Barrick Gold during the 3rd quarter valued at about $32,000. Crewe Advisors LLC increased its stake in Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares in the last quarter. Finally, JFS Wealth Advisors LLC raised its holdings 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 worth $38,000 after buying an additional 1,563 shares during the period. 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.