Barrick Gold (NYSE:GOLD) Trading Down 2.2% – What’s Next?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price fell 2.2% on Thursday . The stock traded as low as $19.68 and last traded at $19.74. 5,322,607 shares were traded during mid-day trading, a decline of 75% from the average session volume of 21,239,771 shares. The stock had previously closed at $20.18.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Thursday, August 29th. Raymond James cut their price target on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Jefferies Financial Group boosted their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Royal Bank of Canada raised their target price on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Finally, CIBC boosted their price target on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.60.

Barrick Gold Trading Up 1.4 %

The business has a 50-day simple moving average of $19.57 and a 200-day simple moving average of $17.94. The company has a market cap of $35.27 billion, a PE ratio of 24.54, a price-to-earnings-growth ratio of 0.49 and a beta of 0.55. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. Barrick Gold’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the business posted $0.19 EPS. On average, analysts predict that Barrick Gold Corp will post 1.25 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a yield of 1.99%. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GOLD. Edge Wealth Management LLC increased its stake in shares of Barrick Gold by 6.3% during the first quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer’s stock worth $204,000 after buying an additional 725 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Barrick Gold by 1.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 38,999 shares of the gold and copper producer’s stock valued at $650,000 after purchasing an additional 731 shares in the last quarter. Greenleaf Trust lifted its position in shares of Barrick Gold by 3.5% during the 1st quarter. Greenleaf Trust now owns 25,119 shares of the gold and copper producer’s stock worth $418,000 after purchasing an additional 838 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co grew its stake in shares of Barrick Gold by 2.4% during the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 36,519 shares of the gold and copper producer’s stock worth $608,000 after purchasing an additional 850 shares in the last quarter. Finally, Bangor Savings Bank increased its holdings in Barrick Gold by 4.4% in the second quarter. Bangor Savings Bank now owns 21,445 shares of the gold and copper producer’s stock valued at $358,000 after buying an additional 904 shares during 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.