Barrick Gold (NYSE:GOLD) Trading Down 0.9% – What’s Next?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) was down 0.9% on Monday . The company traded as low as $19.78 and last traded at $19.81. Approximately 2,207,298 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 21,078,186 shares. The stock had previously closed at $19.99.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Scotiabank raised their price target on shares of Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Raymond James dropped their target price on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Jefferies Financial Group raised their price target on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. UBS Group lifted their price objective on Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Royal Bank of Canada upped their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Price Performance

The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. The company’s fifty day moving average price is $19.85 and its two-hundred day moving average price is $18.17. The company has a market cap of $34.93 billion, a price-to-earnings ratio of 24.37, a PEG ratio of 0.47 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.19 EPS. On average, equities research analysts forecast that Barrick Gold Corp will post 1.27 EPS for the current fiscal year.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, August 30th. This represents a $0.40 annualized dividend and a dividend yield of 2.01%. Barrick Gold’s dividend payout ratio is currently 48.78%.

Institutional Investors Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC lifted its stake in Barrick Gold by 31.6% in the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after purchasing an additional 14,138,639 shares during the last quarter. EdgePoint Investment Group Inc. boosted its stake in shares of Barrick Gold by 38.8% during the 1st quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after acquiring an additional 5,080,510 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Barrick Gold by 4,713.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock worth $69,141,000 after acquiring an additional 4,058,351 shares during the last quarter. Letko Brosseau & Associates Inc. bought a new stake in Barrick Gold in the 2nd quarter valued at $66,820,000. Finally, Equity Investment Corp lifted its holdings in Barrick Gold by 82.1% during the 1st quarter. Equity Investment Corp now owns 5,302,815 shares of the gold and copper producer’s stock valued at $88,239,000 after purchasing an additional 2,390,238 shares during the last quarter. 62.85% of the stock is currently owned by institutional investors and hedge funds.

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.