Barrick Gold (NYSE:GOLD) Stock Price Down 2.9% – Here’s Why

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price fell 2.9% on Friday . The stock traded as low as $19.64 and last traded at $19.74. 9,277,504 shares were traded during trading, a decline of 56% from the average session volume of 21,044,574 shares. The stock had previously closed at $20.32.

Analysts Set New Price Targets

Several research firms have recently weighed in on GOLD. Jefferies Financial Group raised their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Thursday, August 29th. Royal Bank of Canada raised their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Scotiabank raised 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 report on Monday, August 19th. Finally, CIBC raised their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.60.

Barrick Gold Stock Performance

The firm has a market cap of $34.70 billion, a P/E ratio of 24.07, a price-to-earnings-growth 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. The business’s fifty day simple moving average is $20.16 and its 200-day simple moving average is $18.30.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.19 EPS. As a group, sell-side analysts expect that Barrick Gold Corp will post 1.27 earnings per share for the current year.

Barrick Gold Announces Dividend

The company also recently declared 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 2.02%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Institutional Investors Weigh In On Barrick Gold

Large investors have recently modified their holdings of the stock. Clean Yield Group bought a new stake in shares of Barrick Gold during the 1st quarter valued at about $25,000. Exchange Traded Concepts LLC boosted its stake in shares of Barrick Gold by 198.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after purchasing an additional 935 shares in the last quarter. Crewe Advisors LLC boosted its stake in shares of 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 valued at $30,000 after purchasing an additional 1,572 shares in the last quarter. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold during the 2nd quarter valued at about $32,000. Finally, Eastern Bank bought a new stake in shares of Barrick Gold during the 3rd quarter valued at about $32,000. Institutional investors own 62.85% of the company’s stock.

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.