Oaktree Capital Management LP Invests $15.73 Million in Barrick Gold Corp (NYSE:GOLD)

Oaktree Capital Management LP bought a new stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,015,063 shares of the gold and copper producer’s stock, valued at approximately $15,733,000. Oaktree Capital Management LP owned 0.06% of Barrick Gold at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GOLD. Crowley Wealth Management Inc. purchased a new stake in shares of Barrick Gold during the fourth quarter valued at approximately $26,000. First Horizon Advisors Inc. grew its holdings in Barrick Gold by 619.7% in the 4th quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock worth $48,000 after acquiring an additional 2,646 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new position in shares of Barrick Gold in the fourth quarter valued at about $65,000. Exchange Traded Concepts LLC raised its stake in shares of Barrick Gold by 196.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,178 shares of the gold and copper producer’s stock valued at $65,000 after acquiring an additional 2,771 shares during the last quarter. Finally, Principal Securities Inc. boosted its holdings in shares of Barrick Gold by 119.4% during the fourth quarter. Principal Securities Inc. now owns 4,848 shares of the gold and copper producer’s stock worth $75,000 after purchasing an additional 2,638 shares during the period. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GOLD has been the subject of a number of recent analyst reports. National Bank Financial raised Barrick Gold to a “hold” rating in a research report on Friday, March 21st. UBS Group raised Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Wednesday, March 5th. Citigroup reduced their price objective on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. TD Securities dropped their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Finally, Scotiabank boosted their price target on shares of Barrick Gold from $19.00 to $20.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.75.

Barrick Gold Trading Down 2.3 %

Barrick Gold stock opened at $19.11 on Friday. Barrick Gold Corp has a 12 month low of $15.11 and a 12 month high of $21.35. The company has a market capitalization of $32.97 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 0.44 and a beta of 0.58. The business’s fifty day simple moving average is $17.85 and its two-hundred day simple moving average is $18.04. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. As a group, equities analysts predict that Barrick Gold Corp will post 1.47 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.09%. The ex-dividend date was Friday, February 28th. Barrick Gold’s dividend payout ratio (DPR) is currently 32.52%.

Barrick Gold declared that its board has authorized a stock buyback program on Wednesday, February 12th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the gold and copper producer to buy up to 3.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.