Barrick Gold (NYSE:GOLD) Trading Down 2.9% – Here’s What Happened

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) fell 2.9% on Wednesday . The company traded as low as $17.75 and last traded at $18.33. 10,647,103 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 21,074,881 shares. The stock had previously closed at $18.88.

Analyst Ratings Changes

A number of research firms recently weighed in on GOLD. Raymond James decreased their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. CIBC increased their price objective 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 increased their price objective on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, August 29th. Finally, Scotiabank increased their price target on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and eight have issued 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 Stock Performance

The firm has a market cap of $32.22 billion, a P/E ratio of 21.43, a PEG ratio of 0.45 and a beta of 0.56. 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 company’s 50-day moving average is $20.02 and its two-hundred day moving average is $18.44.

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 for the quarter, beating the consensus estimate of $0.27 by $0.05. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter last year, the firm earned $0.19 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities analysts predict that Barrick Gold Corp will post 1.29 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a $0.10 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.17%. Barrick Gold’s payout ratio is presently 46.51%.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently modified their holdings of GOLD. Clean Yield Group purchased a new position in shares of Barrick Gold in the 1st quarter worth approximately $25,000. Exchange Traded Concepts LLC raised its holdings in shares of Barrick Gold by 198.1% in the 3rd 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 period. Crewe Advisors LLC raised its holdings in shares of Barrick Gold by 628.8% in the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold in the 2nd quarter worth approximately $32,000. Finally, Eastern Bank bought a new stake in shares of Barrick Gold in the 3rd quarter worth approximately $32,000. Hedge funds and other 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.