Barrick Gold (NYSE:GOLD) Trading 2% Higher – Time to Buy?

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) rose 2% on Tuesday . The stock traded as high as $17.72 and last traded at $17.55. Approximately 7,891,310 shares changed hands during trading, a decline of 63% from the average daily volume of 21,407,131 shares. The stock had previously closed at $17.20.

Analysts Set New Price Targets

GOLD has been the subject of several recent research reports. Raymond James lowered their target price 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. UBS Group lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. Scotiabank lowered their target price on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a research note on Friday, November 8th. Royal Bank of Canada boosted their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Thursday, August 29th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.90.

Barrick Gold Stock Performance

The stock has a market capitalization of $31.29 billion, a P/E ratio of 19.25, a PEG ratio of 0.42 and a beta of 0.56. The firm has a 50-day moving average of $19.58 and a 200 day moving average of $18.50. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.23%. Barrick Gold’s dividend payout ratio (DPR) is currently 43.01%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bard Financial Services Inc. lifted its holdings in shares of Barrick Gold by 3.5% during the third quarter. Bard Financial Services Inc. now owns 55,875 shares of the gold and copper producer’s stock valued at $1,111,000 after acquiring an additional 1,875 shares during the period. Sunbelt Securities Inc. raised its holdings in shares of Barrick Gold by 43.9% in the third quarter. Sunbelt Securities Inc. now owns 14,241 shares of the gold and copper producer’s stock valued at $283,000 after buying an additional 4,345 shares during the last quarter. Toronto Dominion Bank raised its holdings in shares of Barrick Gold by 9.8% in the third quarter. Toronto Dominion Bank now owns 6,035,814 shares of the gold and copper producer’s stock valued at $120,052,000 after buying an additional 538,204 shares during the last quarter. Chiron Investment Management LLC raised its holdings in shares of Barrick Gold by 36.5% in the third quarter. Chiron Investment Management LLC now owns 604,199 shares of the gold and copper producer’s stock valued at $12,018,000 after buying an additional 161,688 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Barrick Gold by 9.5% in the third quarter. Geode Capital Management LLC now owns 8,047,255 shares of the gold and copper producer’s stock valued at $162,140,000 after buying an additional 696,556 shares during the last quarter. 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.