Barrick Gold (NYSE:GOLD) Trading 2.6% Higher – Still a Buy?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) traded up 2.6% during mid-day trading on Monday . The company traded as high as $17.15 and last traded at $17.09. 4,213,117 shares were traded during mid-day trading, a decline of 80% from the average session volume of 21,347,131 shares. The stock had previously closed at $16.65.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Raymond James decreased their price target 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 raised their target price 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. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. 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. Finally, Scotiabank reduced their target price on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Trading Up 3.1 %

The company has a market cap of $30.99 billion, a price-to-earnings ratio of 19.06, a price-to-earnings-growth ratio of 0.39 and a beta of 0.56. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average is $19.61 and its 200 day moving average is $18.50.

Barrick Gold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 annualized dividend and a dividend yield of 2.26%. Barrick Gold’s dividend payout ratio (DPR) is 43.01%.

Institutional Trading of Barrick Gold

Several institutional investors have recently modified their holdings of GOLD. Connor Clark & Lunn Investment Management Ltd. boosted its position in Barrick Gold by 221.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock worth $199,427,000 after acquiring an additional 6,904,934 shares during the last quarter. EdgePoint Investment Group Inc. boosted its position in Barrick Gold by 38.8% during the first quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after acquiring an additional 5,080,510 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Barrick Gold by 4,713.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock worth $69,141,000 after acquiring an additional 4,058,351 shares during the last quarter. Letko Brosseau & Associates Inc. acquired a new position in Barrick Gold during the second quarter worth about $66,820,000. Finally, The Manufacturers Life Insurance Company boosted its position in Barrick Gold by 33.3% during the third 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 acquiring an additional 2,854,055 shares during the last quarter. 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.