Barrick Gold (NYSE:GOLD) Shares Up 0.3% – Should You Buy?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price rose 0.3% during mid-day trading on Thursday . The stock traded as high as $18.11 and last traded at $17.94. Approximately 3,868,305 shares traded hands during trading, a decline of 82% from the average daily volume of 21,449,137 shares. The stock had previously closed at $17.89.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. UBS Group downgraded Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Thursday, August 29th. Raymond James reduced their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Finally, Scotiabank reduced their price objective on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a research note on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Barrick Gold currently has an average rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Price Performance

The stock’s 50-day moving average price is $19.58 and its 200 day moving average price is $18.50. The firm has a market cap of $31.53 billion, a price-to-earnings ratio of 19.29, a price-to-earnings-growth ratio of 0.42 and a beta of 0.56. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Barrick Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s dividend payout ratio is currently 43.01%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Clean Yield Group bought a new stake in Barrick Gold during the first quarter worth about $25,000. Exchange Traded Concepts LLC grew its stake in shares of Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after purchasing an additional 935 shares during the last quarter. Crewe Advisors LLC grew its stake in shares of Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after purchasing an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold during the second quarter valued at approximately $32,000. Finally, Eastern Bank bought a new stake in shares of Barrick Gold during the third quarter valued at approximately $32,000. 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.