Barrick Gold (NYSE:GOLD) Stock Price Up 0.2% – Here’s Why

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) was up 0.2% on Tuesday . The company traded as high as $19.07 and last traded at $18.94. Approximately 3,580,823 shares traded hands during trading, a decline of 83% from the average daily volume of 21,072,063 shares. The stock had previously closed at $18.90.

Analysts Set New Price Targets

Several research firms recently weighed in on GOLD. Royal Bank of Canada upped their price target on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Raymond James decreased their price objective on shares of 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 target price 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 boosted their price objective on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Finally, Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a report on Thursday, August 29th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

Barrick Gold Price Performance

The company has a market cap of $32.29 billion, a P/E ratio of 21.44, a PEG ratio of 0.45 and a beta of 0.56. The firm’s 50-day moving average is $20.02 and its two-hundred day moving average is $18.44. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.19 EPS. Analysts anticipate that Barrick Gold Corp will post 1.29 earnings per share for the current year.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s payout ratio is currently 46.51%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Barrick Gold by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock worth $1,077,624,000 after buying an additional 1,089,572 shares during the period. First Eagle Investment Management LLC raised its holdings in shares of Barrick Gold by 31.6% in the first quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after acquiring an additional 14,138,639 shares in the last quarter. EdgePoint Investment Group Inc. grew its holdings in Barrick Gold by 3.7% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after acquiring an additional 666,214 shares in the last quarter. National Bank of Canada FI increased its position in Barrick Gold by 9.0% during the 1st 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 purchasing an additional 1,231,184 shares during the period. Finally, CIBC Asset Management Inc raised its stake in Barrick Gold by 3.3% in the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after buying an additional 461,406 shares in the last quarter. 62.85% of the stock is currently owned by institutional investors.

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.