Barrick Gold (NYSE:GOLD) Trading Down 3.6% on Analyst Downgrade

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) dropped 3.6% during trading on Monday after Raymond James lowered their price target on the stock from $26.00 to $25.00. Raymond James currently has an outperform rating on the stock. Barrick Gold traded as low as $17.37 and last traded at $17.56. Approximately 6,697,085 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 21,478,600 shares. The stock had previously closed at $18.22.

Several other analysts also recently issued reports on the company. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday. Royal Bank of Canada increased their target price on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Scotiabank dropped 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 report on Friday, November 8th. Jefferies Financial Group boosted their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Finally, UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their target price for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average price target of $23.80.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently bought and sold shares of GOLD. LRI Investments LLC acquired a new position in shares of Barrick Gold in the first quarter valued at $37,000. Lazard Asset Management LLC lifted its position in Barrick Gold by 3.9% during the first quarter. Lazard Asset Management LLC now owns 399,296 shares of the gold and copper producer’s stock worth $6,644,000 after acquiring an additional 14,853 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Barrick Gold by 19.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,839,056 shares of the gold and copper producer’s stock worth $63,883,000 after purchasing an additional 628,477 shares during the last quarter. Silvercrest Asset Management Group LLC grew its holdings in Barrick Gold by 27.2% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 56,105 shares of the gold and copper producer’s stock valued at $934,000 after buying an additional 12,000 shares in the last quarter. Finally, Invenomic Capital Management LP increased its position in Barrick Gold by 49.1% during the 1st quarter. Invenomic Capital Management LP now owns 931,972 shares of the gold and copper producer’s stock worth $15,508,000 after buying an additional 307,010 shares during the period. Institutional investors own 62.85% of the company’s stock.

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 price is $19.47 and its 200-day moving average price is $18.53. The company has a market cap of $30.70 billion, a P/E ratio of 18.88, a PEG ratio of 0.43 and a beta of 0.56.

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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s payout ratio is currently 43.01%.

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.