Barrick Gold (NYSE:GOLD) Trading Up 0.3% – Here’s What Happened

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) were up 0.3% on Monday . The company traded as high as $21.26 and last traded at $20.99. Approximately 3,890,050 shares traded hands during trading, a decline of 81% from the average daily volume of 20,988,225 shares. The stock had previously closed at $20.92.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on GOLD shares. 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 note on Thursday, August 29th. UBS Group lifted their price objective on shares of Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Scotiabank increased their target price on Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. 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 research note on Friday, September 13th. Finally, Raymond James lowered their price objective 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. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Barrick Gold has a consensus rating of “Moderate Buy” and an average price target of $23.60.

Barrick Gold Price Performance

The company has a fifty day moving average price of $20.05 and a two-hundred day moving average price of $18.24. The firm has a market capitalization of $36.61 billion, a PE ratio of 25.60, a P/E/G ratio of 0.47 and a beta of 0.55. 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 issued its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company 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 firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.19 earnings per share. Sell-side analysts forecast that Barrick Gold Corp will post 1.27 earnings per share for the current 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 given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.91%. The ex-dividend date was Friday, August 30th. Barrick Gold’s payout ratio is currently 48.78%.

Institutional Investors Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently made changes to their positions in GOLD. Exchange Traded Concepts LLC raised its stake 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 worth $28,000 after purchasing an additional 935 shares during the last quarter. Clean Yield Group acquired a new position in Barrick Gold in the 1st quarter valued at $25,000. Crewe Advisors LLC raised its position in Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after buying an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Barrick Gold in the 2nd quarter worth $32,000. Finally, LRI Investments LLC acquired a new stake in shares of Barrick Gold in the 1st quarter worth $37,000. 62.85% of the stock is 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.