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

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shares gapped down before the market opened on Monday after TD Securities lowered their price target on the stock from $26.00 to $25.00. The stock had previously closed at $18.22, but opened at $17.57. TD Securities currently has a buy rating on the stock. Barrick Gold shares last traded at $17.43, with a volume of 2,195,518 shares changing hands.

A number of other research firms also recently weighed in on GOLD. Royal Bank of Canada boosted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $23.00 to $22.00 in a research report on Wednesday, October 30th. Raymond James decreased their price objective on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Jefferies Financial Group increased their target price on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.91.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Clean Yield Group acquired a new stake in shares of Barrick Gold in the 1st quarter valued at approximately $25,000. Exchange Traded Concepts LLC grew its position 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 acquiring an additional 935 shares during the period. Crewe Advisors LLC increased its stake 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 purchasing an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold in the 2nd quarter valued at about $32,000. Finally, Eastern Bank acquired a new stake in Barrick Gold in the 3rd quarter valued at about $32,000. 62.85% of the stock is currently owned by institutional investors.

Barrick Gold Price Performance

The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average of $19.36 and a 200 day moving average of $18.54. The firm has a market cap of $30.70 billion, a P/E ratio of 18.88, a PEG ratio of 0.43 and a beta of 0.56.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Friday, November 29th. Barrick Gold’s payout ratio is presently 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.