Barrick Gold (NYSE:GOLD) Trading Down 1.2% – Here’s What Happened

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price traded down 1.2% during trading on Wednesday . The company traded as low as $20.73 and last traded at $20.93. 5,515,295 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 20,971,838 shares. The stock had previously closed at $21.19.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GOLD shares. CIBC raised their target price on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Royal Bank of Canada raised their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Scotiabank increased their price objective on Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Jefferies Financial Group upped 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 cut their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $23.60.

Barrick Gold Price Performance

The company has a market cap of $34.37 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 0.47 and a beta of 0.55. The company’s fifty day moving average price is $20.18 and its two-hundred day moving average price is $18.31. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping the consensus estimate 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%. Barrick Gold’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.19 earnings per share. On average, equities research analysts forecast that Barrick Gold Corp will post 1.27 EPS for the current fiscal year.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is currently 48.78%.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors have recently added to or reduced their stakes in the company. DCF Advisers LLC increased its holdings in shares of Barrick Gold by 48.3% during the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock worth $1,793,000 after acquiring an additional 35,000 shares during the last quarter. Evexia Wealth LLC acquired a new stake in Barrick Gold during the 3rd quarter worth approximately $2,382,000. 1832 Asset Management L.P. boosted its stake in Barrick Gold by 3.6% in the 1st quarter. 1832 Asset Management L.P. now owns 1,089,855 shares of the gold and copper producer’s stock valued at $18,135,000 after purchasing an additional 38,100 shares during the period. Sanctuary Advisors LLC acquired a new position in Barrick Gold in the 2nd quarter valued at $934,000. Finally, Financial Sense Advisors Inc. increased its position in Barrick Gold by 142.1% during the first quarter. Financial Sense Advisors Inc. now owns 826,507 shares of the gold and copper producer’s stock worth $13,753,000 after acquiring an additional 485,077 shares during the period. 62.85% of the stock is currently owned by institutional investors and hedge funds.

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.