Canoe Financial LP Reduces Stock Holdings in Barrick Gold Corp (NYSE:GOLD)

Canoe Financial LP lowered its position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 16.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,779,421 shares of the gold and copper producer’s stock after selling 730,409 shares during the quarter. Barrick Gold accounts for approximately 1.8% of Canoe Financial LP’s holdings, making the stock its 24th biggest holding. Canoe Financial LP owned 0.22% of Barrick Gold worth $76,509,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in GOLD. SteelPeak Wealth LLC purchased a new stake in Barrick Gold during the 1st quarter worth about $169,000. JTC Employer Solutions Trustee Ltd increased its position in Barrick Gold by 219.8% during the 1st quarter. JTC Employer Solutions Trustee Ltd now owns 15,422 shares of the gold and copper producer’s stock worth $250,000 after purchasing an additional 10,600 shares in the last quarter. Norden Group LLC increased its position in Barrick Gold by 2,383.6% during the 1st quarter. Norden Group LLC now owns 415,536 shares of the gold and copper producer’s stock worth $6,915,000 after purchasing an additional 398,805 shares in the last quarter. Financial Sense Advisors Inc. increased its position in Barrick Gold by 142.1% during the 1st quarter. Financial Sense Advisors Inc. now owns 826,507 shares of the gold and copper producer’s stock worth $13,753,000 after purchasing an additional 485,077 shares in the last quarter. Finally, Kovack Advisors Inc. grew its holdings in Barrick Gold by 16.9% in the 1st quarter. Kovack Advisors Inc. now owns 30,122 shares of the gold and copper producer’s stock valued at $501,000 after buying an additional 4,345 shares during the period. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Performance

Shares of GOLD opened at $19.61 on Monday. The business’s 50 day moving average is $20.18 and its two-hundred day moving average is $18.33. Barrick Gold Corp has a 52-week low of $13.76 and a 52-week high of $21.35. The firm has a market cap of $34.37 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 0.47 and a beta of 0.55. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15.

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

Barrick Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.04%. Barrick Gold’s dividend payout ratio (DPR) is 48.78%.

Analyst Ratings Changes

Several research firms have commented on GOLD. UBS Group lifted their price target on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. CIBC lifted their price target on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Scotiabank lifted their price target on Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. 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, Royal Bank of Canada lifted their price objective on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Company Profile

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.