Barrick Gold (NYSE:GOLD) Shares Up 0.6% – Should You Buy?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shot up 0.6% during mid-day trading on Friday . The stock traded as high as $17.67 and last traded at $17.57. 3,553,011 shares changed hands during trading, a decline of 83% from the average session volume of 21,505,367 shares. The stock had previously closed at $17.47.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Jefferies Financial Group raised their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Raymond James decreased their price objective on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. TD Securities cut their price target on Barrick Gold from $26.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Finally, Scotiabank lowered their price objective on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.60.

Barrick Gold Trading Up 0.1 %

The company has a market capitalization of $30.57 billion, a P/E ratio of 18.81, a PEG ratio of 0.48 and a beta of 0.56. The business has a 50 day moving average price of $19.20 and a 200 day moving average price of $18.54. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.29%. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

Institutional Trading of Barrick Gold

A number of large investors have recently made changes to their positions in GOLD. Connor Clark & Lunn Investment Management Ltd. grew its stake in Barrick Gold by 221.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after acquiring an additional 6,904,934 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Barrick Gold by 4,713.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock valued at $69,141,000 after purchasing an additional 4,058,351 shares during the period. Letko Brosseau & Associates Inc. bought a new stake in Barrick Gold during the 2nd quarter worth approximately $66,820,000. The Manufacturers Life Insurance Company raised its holdings in Barrick Gold by 33.3% during the 3rd 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 bought a new position in Barrick Gold in the second quarter valued at approximately $31,768,000. Institutional investors own 62.85% of the company’s stock.

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.