Barrick Gold (NYSE:GOLD) Trading Up 2% on Analyst Upgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shares traded up 2% during trading on Monday after Scotiabank raised their price target on the stock from $23.00 to $25.00. Scotiabank currently has a sector outperform rating on the stock. Barrick Gold traded as high as $20.19 and last traded at $20.11. 8,411,435 shares changed hands during trading, a decline of 61% from the average session volume of 21,766,738 shares. The stock had previously closed at $19.71.

Several other brokerages also recently weighed in on GOLD. CIBC raised their price target on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Jefferies Financial Group increased their price objective on shares of Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.67.

Institutional Investors Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in GOLD. Principal Securities Inc. purchased a new stake in Barrick Gold during the fourth quarter worth $26,000. Clean Yield Group purchased a new stake in shares of Barrick Gold during the 1st quarter worth about $25,000. EverSource Wealth Advisors LLC grew its position in shares of Barrick Gold by 175.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock valued at $32,000 after acquiring an additional 1,143 shares during the period. Crewe Advisors LLC increased its stake in shares of Barrick Gold by 628.8% in the 2nd 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 in the last quarter. Finally, Jackson Grant Investment Advisers Inc. acquired a new position in Barrick Gold in the 2nd quarter worth about $32,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Stock Up 2.5 %

The company has a quick ratio of 2.49, a current ratio of 3.32 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $17.66 and a 200-day simple moving average of $16.76. The company has a market cap of $35.41 billion, a PE ratio of 24.63, a P/E/G ratio of 0.48 and a beta of 0.51.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. Barrick Gold’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.19 EPS. Equities research analysts anticipate that Barrick Gold Corp will post 1.16 EPS for the current year.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 1.98%. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

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.