Barrick Gold (NYSE:GOLD) Trading Up 0.2% – Should You Buy?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price traded up 0.2% during trading on Tuesday . The company traded as high as $19.07 and last traded at $18.94. 3,580,823 shares traded hands during trading, a decline of 83% from the average session volume of 21,072,063 shares. The stock had previously closed at $18.90.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Raymond James lowered their price target on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Jefferies Financial Group raised their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Scotiabank increased their price target on shares of Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. CIBC boosted their price objective on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Finally, UBS Group cut Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.50.

Barrick Gold Stock Down 0.4 %

The company has a market cap of $32.90 billion, a P/E ratio of 21.98, a PEG ratio of 0.45 and a beta of 0.56. The stock has a 50-day moving average of $20.08 and a 200 day moving average of $18.43. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 EPS 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 company had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the company earned $0.19 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. Research analysts anticipate that Barrick Gold Corp will post 1.29 earnings per share for the current year.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio is presently 46.51%.

Hedge Funds Weigh In On Barrick Gold

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Barrick Gold by 1.7% during the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock worth $1,077,624,000 after buying an additional 1,089,572 shares in the last quarter. First Eagle Investment Management LLC boosted its position in Barrick Gold by 31.6% during the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after buying an additional 14,138,639 shares during the period. EdgePoint Investment Group Inc. raised its stake in shares of Barrick Gold by 3.7% during the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after acquiring an additional 666,214 shares during the last quarter. National Bank of Canada FI increased its holdings in Barrick Gold by 9.0% in the first quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock valued at $251,929,000 after purchasing an additional 1,231,184 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Barrick Gold by 3.3% during the 2nd quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after buying an additional 461,406 shares during the period. 62.85% of the stock is currently owned by institutional investors and hedge funds.

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.