Barrick Gold (NYSE:GOLD) Trading 2.5% Higher – What’s Next?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price shot up 2.5% on Friday . The company traded as high as $20.90 and last traded at $20.84. 4,172,948 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 20,968,861 shares. The stock had previously closed at $20.34.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. UBS Group boosted their price objective on Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. CIBC raised their target price on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Jefferies Financial Group upped their price target on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Finally, Scotiabank raised their price objective on Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Barrick Gold has an average rating of “Moderate Buy” and an average price target of $23.60.

Barrick Gold Stock Up 2.9 %

The stock has a 50 day moving average price of $20.05 and a 200 day moving average price of $18.23. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. The company has a market capitalization of $36.67 billion, a P/E ratio of 25.51, a PEG ratio of 0.47 and a beta of 0.55.

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 for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the company earned $0.19 earnings per share. The company’s quarterly revenue was up 11.6% on a year-over-year basis. Equities research analysts forecast that Barrick Gold Corp will post 1.27 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio is currently 48.78%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GOLD. Vanguard Group Inc. grew its holdings in Barrick Gold by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after buying an additional 1,089,572 shares in the last quarter. First Eagle Investment Management LLC raised its position in Barrick Gold by 31.6% in the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after purchasing an additional 14,138,639 shares during the period. EdgePoint Investment Group Inc. lifted its stake in Barrick Gold by 3.7% in the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after purchasing an additional 666,214 shares during the last quarter. National Bank of Canada FI boosted its position in Barrick Gold by 9.0% during the first quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock valued at $251,929,000 after buying an additional 1,231,184 shares during the period. Finally, CIBC Asset Management Inc boosted its position in Barrick Gold by 3.3% during the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock valued at $242,491,000 after buying an additional 461,406 shares during the period. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.