Barrick Gold (NYSE:GOLD) Stock Price Down 2.5% – What’s Next?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price traded down 2.5% during mid-day trading on Thursday . The company traded as low as $20.28 and last traded at $20.29. 5,965,670 shares traded hands during trading, a decline of 72% from the average session volume of 20,981,551 shares. The stock had previously closed at $20.80.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Royal Bank of Canada upped their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Thursday, August 29th. Scotiabank increased their price objective on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. Raymond James lowered their price target on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Finally, Jefferies Financial Group increased their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.60.

Barrick Gold Trading Down 3.6 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31. The firm has a market capitalization of $34.34 billion, a PE ratio of 23.89, a P/E/G ratio of 0.47 and a beta of 0.55. The company’s fifty day simple moving average is $20.18 and its 200-day simple moving average is $18.31.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm posted $0.19 earnings per share. As a group, sell-side analysts expect that Barrick Gold Corp will post 1.27 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s payout ratio is currently 48.78%.

Institutional Investors Weigh In On Barrick Gold

Several hedge funds and other institutional investors have recently bought and sold shares of the company. JFS Wealth Advisors LLC increased its position in Barrick Gold by 451.7% during the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after purchasing an additional 1,563 shares during the last quarter. First Trust Direct Indexing L.P. increased its position in shares of Barrick Gold by 26.4% during the third quarter. First Trust Direct Indexing L.P. now owns 25,044 shares of the gold and copper producer’s stock valued at $498,000 after acquiring an additional 5,235 shares during the last quarter. Boston Financial Mangement LLC increased its position in shares of Barrick Gold by 0.9% during the third quarter. Boston Financial Mangement LLC now owns 107,000 shares of the gold and copper producer’s stock valued at $2,128,000 after acquiring an additional 1,000 shares during the last quarter. Asahi Life Asset Management CO. LTD. acquired a new stake in shares of Barrick Gold during the third quarter valued at about $335,000. Finally, Leuthold Group LLC acquired a new stake in shares of Barrick Gold during the third quarter valued at about $3,439,000. 62.85% of the stock is currently owned by institutional investors and hedge funds.

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.