Barrick Gold (NYSE:GOLD) Trading Up 0.2% Following Analyst Upgrade

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) were up 0.2% on Wednesday after Berenberg Bank raised their price target on the stock from $37.00 to $38.00. The company traded as high as $17.75 and last traded at $17.60. Approximately 4,458,735 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 21,508,420 shares. The stock had previously closed at $17.56.

Several other equities analysts have also issued reports on GOLD. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, August 29th. Royal Bank of Canada boosted their target price on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. TD Securities dropped their price target on Barrick Gold from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday. Cibc World Mkts cut Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, Jefferies Financial Group increased their target price on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.91.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GOLD. Synovus Financial Corp bought a new stake in Barrick Gold during the third quarter worth about $210,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Barrick Gold during the 3rd quarter worth approximately $517,000. Chelsea Counsel Co. raised its stake in shares of Barrick Gold by 1.4% during the 3rd quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after purchasing an additional 590 shares in the last quarter. Bard Financial Services Inc. raised its stake in shares of Barrick Gold by 3.5% during the 3rd quarter. Bard Financial Services Inc. now owns 55,875 shares of the gold and copper producer’s stock worth $1,111,000 after purchasing an additional 1,875 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its holdings in shares of Barrick Gold by 43.9% in the 3rd quarter. Sunbelt Securities Inc. now owns 14,241 shares of the gold and copper producer’s stock valued at $283,000 after buying an additional 4,345 shares during the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Stock Up 0.2 %

The firm has a market capitalization of $30.77 billion, a P/E ratio of 18.92, a PEG ratio of 0.42 and a beta of 0.56. The firm’s 50 day moving average is $19.36 and its two-hundred day moving average is $18.54. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, November 29th. This represents a $0.40 annualized dividend and a dividend yield of 2.27%. 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.