Barrick Gold (NYSE:GOLD) Trading Up 0.1% – Time to Buy?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) rose 0.1% during trading on Friday . The stock traded as high as $19.54 and last traded at $19.33. Approximately 3,270,295 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 21,102,912 shares. The stock had previously closed at $19.32.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Jefferies Financial Group upped their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Royal Bank of Canada increased their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. UBS Group downgraded Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $22.00 in a report on Wednesday. CIBC upped their price target on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Finally, Scotiabank lifted their price objective on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus target price of $23.50.

Barrick Gold Trading Down 1.4 %

The company has a market cap of $33.30 billion, a PE ratio of 22.15, a PEG ratio of 0.47 and a beta of 0.55. The stock has a 50 day moving average price of $20.11 and a 200 day moving average price of $18.41. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The business had revenue of $3.16 billion during the quarter, compared to analyst estimates 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 for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 earnings per share. Sell-side analysts predict that Barrick Gold Corp will post 1.29 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is presently 46.51%.

Hedge Funds Weigh In On Barrick Gold

Several large investors have recently made changes to their positions in GOLD. Clean Yield Group bought a new position in Barrick Gold during the 1st quarter valued at approximately $25,000. Exchange Traded Concepts LLC increased its holdings in shares of Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after acquiring an additional 935 shares in the last quarter. Crewe Advisors LLC increased its holdings in shares of Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after acquiring an additional 1,572 shares in the last quarter. Jackson Grant Investment Advisers Inc. purchased a new position in shares of Barrick Gold in the 2nd quarter worth about $32,000. Finally, Eastern Bank bought a new position in Barrick Gold in the 3rd quarter worth about $32,000. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

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.