Seven Eight Capital LP Invests $652,000 in Barrick Gold Corp (NYSE:GOLD)

Seven Eight Capital LP bought a new position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 39,161 shares of the gold and copper producer’s stock, valued at approximately $652,000.

Several other hedge funds have also recently bought and sold shares of GOLD. Acadian Asset Management LLC raised its position in Barrick Gold by 262.6% in the first quarter. Acadian Asset Management LLC now owns 47,500 shares of the gold and copper producer’s stock valued at $789,000 after purchasing an additional 34,400 shares during the period. Vanguard Group Inc. raised its holdings in shares of Barrick Gold by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after buying an additional 1,089,572 shares during the period. Intech Investment Management LLC acquired a new position in Barrick Gold during the 1st quarter worth approximately $697,000. Prevail Innovative Wealth Advisors LLC boosted its holdings in Barrick Gold by 52.8% in the 1st quarter. Prevail Innovative Wealth Advisors LLC now owns 139,428 shares of the gold and copper producer’s stock worth $2,320,000 after acquiring an additional 48,184 shares during the period. Finally, Forge First Asset Management Inc. acquired a new stake in Barrick Gold in the first quarter valued at approximately $1,851,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. BMO Capital Markets reduced their target price on shares of Barrick Gold from $27.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Jefferies Financial Group boosted their price objective on shares of Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, July 12th. 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. Finally, National Bank Financial reiterated a “sector perform overweight” rating on shares of Barrick Gold in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.20.

Barrick Gold Stock Performance

NYSE:GOLD traded up $0.21 during trading hours on Tuesday, reaching $18.57. 18,292,000 shares of the stock were exchanged, compared to its average volume of 21,844,682. Barrick Gold Corp has a 52 week low of $13.76 and a 52 week high of $19.45. The company has a quick ratio of 2.49, a current ratio of 3.32 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $32.55 billion, a P/E ratio of 22.65, a P/E/G ratio of 0.50 and a beta of 0.51. The firm has a 50 day simple moving average of $17.23 and a 200-day simple moving average of $16.49.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.04. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.74 billion. During the same period last year, the business posted $0.14 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, sell-side analysts forecast that Barrick Gold Corp will post 1.12 earnings per share for the current fiscal year.

Barrick Gold Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were issued a $0.10 dividend. The ex-dividend date was Friday, May 31st. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a dividend yield of 2.15%. Barrick Gold’s payout ratio is 48.78%.

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.