Barrick Gold (NYSE:GOLD) Shares Gap Down to $17.10

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price gapped down prior to trading on Monday . The stock had previously closed at $17.10, but opened at $16.37. Barrick Gold shares last traded at $16.70, with a volume of 8,074,532 shares trading hands.

Analysts Set New Price Targets

Several brokerages have issued reports on GOLD. Royal Bank of Canada restated an “outperform” rating and set a $18.00 price objective on shares of Barrick Gold in a research note on Monday, March 4th. CIBC reduced their price objective on Barrick Gold from $27.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. BMO Capital Markets decreased their price objective on shares of Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Raymond James dropped their target price on shares of Barrick Gold from $24.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. Finally, Scotiabank decreased their price target on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.06.

Barrick Gold Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 3.16 and a quick ratio of 2.40. The stock has a fifty day moving average price of $15.99 and a two-hundred day moving average price of $16.28. The company has a market cap of $29.30 billion, a P/E ratio of 23.18, a PEG ratio of 1.59 and a beta of 0.58.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.06. Barrick Gold had a return on equity of 4.64% and a net margin of 11.16%. The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the business earned $0.13 EPS. On average, equities analysts forecast that Barrick Gold Corp will post 0.9 earnings per share for the current fiscal year.

Barrick Gold Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a $0.074 dividend. This represents a $0.30 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Wednesday, February 28th. Barrick Gold’s payout ratio is currently 55.56%.

Hedge Funds Weigh In On Barrick Gold

Several large investors have recently bought and sold shares of the stock. International Assets Investment Management LLC increased its stake in shares of Barrick Gold by 17.9% during the third quarter. International Assets Investment Management LLC now owns 19,134 shares of the gold and copper producer’s stock valued at $280,000 after acquiring an additional 2,909 shares during the period. CWM LLC increased its position in shares of Barrick Gold by 6.9% during the 3rd quarter. CWM LLC now owns 15,108 shares of the gold and copper producer’s stock valued at $220,000 after purchasing an additional 971 shares during the period. RFG Advisory LLC raised its stake in shares of Barrick Gold by 38.7% in the 3rd quarter. RFG Advisory LLC now owns 24,822 shares of the gold and copper producer’s stock worth $361,000 after buying an additional 6,930 shares in the last quarter. Meridian Wealth Management LLC lifted its holdings in shares of Barrick Gold by 105.0% in the third quarter. Meridian Wealth Management LLC now owns 165,112 shares of the gold and copper producer’s stock valued at $2,448,000 after buying an additional 84,556 shares during the period. Finally, Clarius Group LLC bought a new position in Barrick Gold during the third quarter valued at about $262,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.