Barrick Gold (NYSE:GOLD) Shares Gap Down on Analyst Downgrade

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) gapped down prior to trading on Monday after TD Securities lowered their price target on the stock from $27.00 to $26.00. The stock had previously closed at $18.40, but opened at $17.50. TD Securities currently has a buy rating on the stock. Barrick Gold shares last traded at $17.54, with a volume of 5,579,697 shares changing hands.

Several other equities analysts also recently commented on the company. Raymond James cut their target price 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. Jefferies Financial Group lifted their price objective on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, August 29th. Scotiabank cut 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 report on Friday, November 8th. Finally, Royal Bank of Canada boosted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GOLD. Clean Yield Group bought a new position in Barrick Gold in the first quarter valued at about $25,000. Exchange Traded Concepts LLC boosted its stake in shares of Barrick Gold by 198.1% in the 3rd 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 position in shares of Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after buying an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold during the second quarter worth approximately $32,000. Finally, Eastern Bank bought a new position in Barrick Gold in the third quarter valued at approximately $32,000. 62.85% of the stock is currently owned by institutional investors.

Barrick Gold Stock Down 2.2 %

The business’s fifty day simple moving average is $19.89 and its 200 day simple moving average is $18.49. The stock has a market cap of $29.75 billion, a price-to-earnings ratio of 18.32, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a return on equity of 5.85% and a net margin of 13.19%. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the firm earned $0.19 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. Equities analysts forecast that Barrick Gold Corp will post 1.29 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

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 yield of 2.35%. The ex-dividend date is Friday, November 29th. Barrick Gold’s payout ratio is 43.01%.

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.