Barrick Gold (NYSE:GOLD) Trading Down 0.1% After Analyst Downgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shares were down 0.1% during trading on Tuesday after TD Securities lowered their price target on the stock from $26.00 to $25.00. TD Securities currently has a buy rating on the stock. Barrick Gold traded as low as $17.47 and last traded at $17.66. Approximately 4,863,852 shares were traded during trading, a decline of 77% from the average daily volume of 21,481,240 shares. The stock had previously closed at $17.68.

GOLD has been the subject of several other reports. Scotiabank dropped their target price on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research report on Monday. Raymond James dropped their price objective on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Monday. CIBC lowered shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Argus upgraded 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. Finally, Royal Bank of Canada increased their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.91.

Institutional Investors Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Barrick Gold by 221.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock worth $199,427,000 after purchasing an additional 6,904,934 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Barrick Gold by 4,713.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock worth $69,141,000 after buying an additional 4,058,351 shares during the period. Letko Brosseau & Associates Inc. acquired a new position in Barrick Gold during the second quarter worth approximately $66,820,000. The Manufacturers Life Insurance Company increased its position in Barrick Gold by 33.3% during the third quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after buying an additional 2,854,055 shares during the period. Finally, Mizuho Markets Americas LLC acquired a new position in Barrick Gold during the second quarter worth approximately $31,768,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Stock Performance

The firm has a 50-day simple moving average of $19.31 and a 200 day simple moving average of $18.53. The company has a market cap of $30.73 billion, a price-to-earnings ratio of 18.90, a price-to-earnings-growth ratio of 0.42 and a beta of 0.56. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.28%. Barrick Gold’s dividend payout ratio is presently 43.01%.

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.