Barrick Gold (NYSE:GOLD) Stock Price Down 1.7%

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price fell 1.7% on Friday . The company traded as low as $19.10 and last traded at $19.12. 3,522,896 shares traded hands during trading, a decline of 84% from the average session volume of 21,454,031 shares. The stock had previously closed at $19.46.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on GOLD shares. Scotiabank boosted their price objective on shares of Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. CIBC lifted their target price on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Jefferies Financial Group upped their price target on Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Finally, Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.80.

Barrick Gold Price Performance

The company has a market cap of $33.42 billion, a price-to-earnings ratio of 23.32, a P/E/G ratio of 0.51 and a beta of 0.51. The company’s 50-day simple moving average is $18.61 and its 200-day simple moving average is $17.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.32 and a quick ratio of 2.49.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results 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. Barrick Gold had a net margin of 12.78% and a return on equity of 5.55%. The business had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the business earned $0.19 EPS. The business’s revenue was up 11.6% on a year-over-year basis. On average, equities research analysts anticipate that Barrick Gold Corp will post 1.21 EPS for the current year.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is 48.78%.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors have recently made changes to their positions in GOLD. Wellington Management Group LLP lifted its position in shares of Barrick Gold by 58.4% during the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock worth $1,821,963,000 after purchasing an additional 37,128,653 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in Barrick Gold by 31.6% during the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after buying an additional 14,138,639 shares during the last quarter. Capital World Investors grew its position in shares of Barrick Gold by 16.4% in the 4th quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock worth $821,790,000 after acquiring an additional 6,417,244 shares in the last quarter. Ruffer LLP increased its holdings in shares of Barrick Gold by 198.3% in the 4th quarter. Ruffer LLP now owns 9,606,218 shares of the gold and copper producer’s stock valued at $173,727,000 after acquiring an additional 6,385,566 shares during the last quarter. Finally, EdgePoint Investment Group Inc. raised its position in shares of Barrick Gold by 38.8% during the 1st quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock valued at $302,366,000 after acquiring an additional 5,080,510 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

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.