Barrick Gold (NYSE:GOLD) Stock Price Down 1% After Analyst Downgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price traded down 1% during mid-day trading on Friday after TD Securities lowered their price target on the stock from $27.00 to $26.00. TD Securities currently has a buy rating on the stock. Barrick Gold traded as low as $18.17 and last traded at $18.30. 5,804,423 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 21,136,818 shares. The stock had previously closed at $18.48.

A number of other equities analysts also recently weighed in on GOLD. Royal Bank of Canada upped their price target on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 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 note on Wednesday, October 30th. Scotiabank decreased their price target 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. Jefferies Financial Group raised their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Thursday, August 29th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.90.

Institutional Investors Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently modified their holdings of GOLD. Janney Montgomery Scott LLC increased its position in shares of Barrick Gold by 24.6% in the first quarter. Janney Montgomery Scott LLC now owns 135,618 shares of the gold and copper producer’s stock worth $2,257,000 after purchasing an additional 26,752 shares during the period. Empowered Funds LLC bought a new position in shares of Barrick Gold in the first quarter worth $2,351,000. Forsta AP Fonden increased its position in shares of Barrick Gold by 14.6% in the first quarter. Forsta AP Fonden now owns 367,044 shares of the gold and copper producer’s stock worth $6,111,000 after purchasing an additional 46,800 shares during the period. Sei Investments Co. increased its position in shares of 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 worth $11,413,000 after purchasing an additional 59,456 shares during the period. Finally, Headlands Technologies LLC increased its position in shares of Barrick Gold by 56.2% in the first quarter. Headlands Technologies LLC now owns 18,730 shares of the gold and copper producer’s stock worth $312,000 after purchasing an additional 6,740 shares during the period. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Stock Down 0.4 %

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 $32.16 billion, a P/E ratio of 21.40, a PEG ratio of 0.43 and a beta of 0.56. The stock has a 50-day moving average of $19.95 and a 200 day moving average of $18.46.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released 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. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the previous year, the business posted $0.19 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Research analysts anticipate that Barrick Gold Corp will post 1.29 earnings per share for the current year.

Barrick Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s payout ratio is 46.51%.

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.