Barrick Gold (NYSE:GOLD) Trading Down 1.9% – What’s Next?

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) traded down 1.9% during trading on Wednesday . The stock traded as low as $19.72 and last traded at $19.89. 8,227,395 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 21,070,545 shares. The stock had previously closed at $20.28.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on GOLD shares. CIBC boosted their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $22.00 in a research report on Wednesday. Raymond James decreased their price target on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Royal Bank of Canada upped their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, Scotiabank upped their price target on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.50.

Barrick Gold Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. The stock has a market cap of $33.46 billion, a price-to-earnings ratio of 22.44, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55. The business’s fifty day simple moving average is $20.14 and its 200 day simple moving average is $18.38.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued 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. The business had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 EPS. Research analysts predict that Barrick Gold Corp will post 1.29 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a $0.10 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.09%. Barrick Gold’s dividend payout ratio (DPR) is presently 46.51%.

Institutional Investors Weigh In On Barrick Gold

Several institutional investors and hedge funds have recently bought and sold shares of GOLD. Ritholtz Wealth Management grew its position in Barrick Gold by 2.8% in the 3rd quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock worth $361,000 after purchasing an additional 502 shares during the last quarter. Greenleaf Trust lifted its stake in Barrick Gold by 2.1% during the third quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock valued at $510,000 after purchasing an additional 540 shares during the last quarter. Silverlake Wealth Management LLC lifted its stake in Barrick Gold by 1.3% during 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 purchasing an additional 628 shares during the last quarter. Whitener Capital Management Inc. lifted its stake in Barrick Gold by 0.9% during the third quarter. Whitener Capital Management Inc. now owns 73,185 shares of the gold and copper producer’s stock valued at $1,456,000 after purchasing an additional 675 shares during the last quarter. Finally, apricus wealth LLC lifted its stake in Barrick Gold by 0.6% during the third quarter. apricus wealth LLC now owns 112,850 shares of the gold and copper producer’s stock valued at $2,245,000 after purchasing an additional 710 shares during the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.