Barrick Gold (NYSE:GOLD) Shares Down 0.6% – Time to Sell?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price was down 0.6% during trading on Friday . The stock traded as low as $16.72 and last traded at $16.75. Approximately 4,534,191 shares were traded during trading, a decline of 79% from the average daily volume of 21,356,125 shares. The stock had previously closed at $16.85.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on GOLD shares. Jefferies Financial Group raised their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. TD Securities lowered their price target on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Raymond James decreased their price objective on 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 boosted their target price on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, Scotiabank decreased their price target on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $23.90.

Barrick Gold Stock Down 1.1 %

The firm’s fifty day simple moving average is $19.74 and its 200-day simple moving average is $18.46. The company has a market cap of $29.14 billion, a PE ratio of 18.01, a P/E/G ratio of 0.40 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 (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. The firm had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the company posted $0.19 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities research analysts expect that Barrick Gold Corp will post 1.29 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s payout ratio is 43.01%.

Hedge Funds Weigh In On Barrick Gold

Several large investors have recently added to or reduced their stakes in GOLD. Sei Investments Co. boosted its holdings in Barrick Gold by 9.5% in the first quarter. Sei Investments Co. now owns 685,876 shares of the gold and copper producer’s stock valued at $11,413,000 after acquiring an additional 59,456 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Barrick Gold by 10.3% during the 1st quarter. Bleakley Financial Group LLC now owns 24,121 shares of the gold and copper producer’s stock worth $401,000 after purchasing an additional 2,245 shares during the period. Kingsview Wealth Management LLC acquired a new position in Barrick Gold during the first quarter valued at approximately $190,000. Orion Portfolio Solutions LLC grew its stake in Barrick Gold by 6.0% during the first quarter. Orion Portfolio Solutions LLC now owns 82,133 shares of the gold and copper producer’s stock worth $1,367,000 after buying an additional 4,652 shares during the period. Finally, Tocqueville Asset Management L.P. increased its position in shares of Barrick Gold by 30.0% in the first quarter. Tocqueville Asset Management L.P. now owns 324,634 shares of the gold and copper producer’s stock worth $5,402,000 after acquiring an additional 74,995 shares in the last quarter. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

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.