Barrick Gold (NYSE:GOLD) Stock Price Down 2.1% – What’s Next?

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) dropped 2.1% during mid-day trading on Tuesday . The stock traded as low as $16.99 and last traded at $17.04. Approximately 7,118,095 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 21,240,701 shares. The stock had previously closed at $17.40.

Analyst Upgrades and Downgrades

A number of research firms have commented on GOLD. Royal Bank of Canada upped their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Scotiabank decreased their target price on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a research report on Friday. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, August 29th. Finally, TD Securities decreased their price objective on Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Friday. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31. The company has a market cap of $29.75 billion, a price-to-earnings ratio of 18.32, a P/E/G ratio of 0.43 and a beta of 0.56. The firm has a fifty day simple moving average of $19.89 and a 200 day simple moving average of $18.49.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data 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. The company had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a return on equity of 5.85% and a net margin of 13.19%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 EPS. On average, sell-side analysts expect that Barrick Gold Corp will post 1.29 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 annualized dividend and a dividend yield of 2.35%. Barrick Gold’s dividend payout ratio is presently 43.01%.

Hedge Funds Weigh In On Barrick Gold

Institutional investors have recently added to or reduced their stakes in the business. Ritholtz Wealth Management boosted its stake in shares of Barrick Gold by 2.8% during the 3rd quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock worth $361,000 after acquiring an additional 502 shares during the last quarter. Greenleaf Trust raised its stake in shares of Barrick Gold by 2.1% during the 3rd quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock worth $510,000 after acquiring an additional 540 shares in the last quarter. Moors & Cabot Inc. lifted its position in Barrick Gold by 0.9% during the 3rd quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock worth $1,275,000 after acquiring an additional 579 shares during the period. Silverlake Wealth Management LLC lifted its holdings in Barrick Gold by 1.3% in the third quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock valued at $992,000 after acquiring an additional 628 shares during the period. Finally, Avior Wealth Management LLC increased its holdings in Barrick Gold by 24.1% in the 3rd quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock worth $68,000 after acquiring an additional 659 shares in the last quarter. 62.85% of the stock is currently owned by institutional investors.

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.