TD Securities Issues Pessimistic Forecast for Barrick Gold (NYSE:GOLD) Stock Price

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price reduced by TD Securities from $24.00 to $23.00 in a report issued on Thursday,BayStreet.CA reports. TD Securities currently has a buy rating on the gold and copper producer’s stock.

Other equities research analysts have also recently issued research reports about the stock. Citigroup dropped their price target on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, December 20th. Raymond James lowered their target price on shares of Barrick Gold from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Finally, Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $21.00 to $18.00 in a research note on Monday, January 27th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.67.

Barrick Gold Price Performance

Barrick Gold stock opened at $18.47 on Thursday. The company’s fifty day moving average price is $16.20 and its 200 day moving average price is $18.17. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.35. The stock has a market capitalization of $31.89 billion, a P/E ratio of 19.85, a P/E/G ratio of 0.39 and a beta of 0.55. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. As a group, equities research analysts anticipate that Barrick Gold will post 1.23 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, February 28th. This represents a $0.40 annualized dividend and a dividend yield of 2.17%. Barrick Gold’s payout ratio is 32.52%.

Barrick Gold declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 12th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the gold and copper producer to buy up to 3.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GOLD. Van ECK Associates Corp raised its holdings in Barrick Gold by 2.1% in the 4th quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer’s stock valued at $1,182,641,000 after buying an additional 1,563,361 shares during the period. Vanguard Group Inc. raised its holdings in Barrick Gold by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 68,358,533 shares of the gold and copper producer’s stock valued at $1,060,036,000 after buying an additional 1,195,585 shares during the period. Wellington Management Group LLP raised its holdings in Barrick Gold by 17.5% in the 4th quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer’s stock valued at $996,802,000 after buying an additional 9,598,292 shares during the period. Amundi raised its holdings in Barrick Gold by 1.7% in the 4th quarter. Amundi now owns 14,120,278 shares of the gold and copper producer’s stock valued at $223,665,000 after buying an additional 236,116 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Barrick Gold by 33.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock valued at $227,524,000 after buying an additional 2,854,055 shares during the period. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.