Barrick Gold (NYSE:GOLD) Trading Down 0.5% – Here’s Why

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) traded down 0.5% on Friday . The stock traded as low as $16.72 and last traded at $16.87. 5,854,607 shares were traded during mid-day trading, a decline of 73% from the average session volume of 21,473,098 shares. The stock had previously closed at $16.95.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GOLD shares. Scotiabank reduced their price target on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Berenberg Bank raised their price target on shares of Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. Royal Bank of Canada upped their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Jefferies Financial Group boosted their target price on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $25.60.

Barrick Gold Price Performance

The company’s 50 day simple moving average is $18.94 and its 200-day simple moving average is $18.52. The company has a market capitalization of $29.24 billion, a price-to-earnings ratio of 18.14, a PEG ratio of 0.48 and a beta of 0.53. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s dividend payout ratio is presently 43.01%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GOLD. Wellington Management Group LLP raised its holdings in Barrick Gold by 2.7% in the third quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock valued at $1,088,484,000 after buying an additional 1,458,084 shares during the period. EdgePoint Investment Group Inc. lifted its holdings in shares of Barrick Gold by 3.7% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after acquiring an additional 666,214 shares in the last quarter. CIBC Asset Management Inc boosted its position in Barrick Gold by 3.3% during the 2nd quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after purchasing an additional 461,406 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Barrick Gold by 33.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock valued at $227,524,000 after purchasing an additional 2,854,055 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Barrick Gold by 221.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after purchasing an additional 6,904,934 shares during the period. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.