Barrick Gold (NYSE:GOLD) Stock Price Up 1.5% – What’s Next?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shot up 1.5% on Monday . The stock traded as high as $19.94 and last traded at $19.90. 3,692,749 shares changed hands during trading, a decline of 82% from the average session volume of 21,065,164 shares. The stock had previously closed at $19.61.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GOLD shares. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, August 29th. UBS Group increased their target price on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. CIBC boosted their target price on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Jefferies Financial Group boosted their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Finally, Royal Bank of Canada lifted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Barrick Gold has a consensus rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Price Performance

The firm has a market capitalization of $35.00 billion, a P/E ratio of 24.27, a PEG ratio of 0.47 and a beta of 0.55. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $20.18 and its 200-day moving average is $18.33.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly 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 company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.19 EPS. As a group, sell-side analysts predict that Barrick Gold Corp will post 1.27 EPS for the current fiscal year.

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a $0.10 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.00%. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently modified their holdings of GOLD. First Eagle Investment Management LLC increased its holdings in Barrick Gold by 31.6% during the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after purchasing an additional 14,138,639 shares in the last quarter. EdgePoint Investment Group Inc. raised its position in Barrick Gold by 38.8% in the 1st quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock valued at $302,366,000 after buying an additional 5,080,510 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Barrick Gold by 4,713.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock valued at $69,141,000 after buying an additional 4,058,351 shares during the last quarter. Letko Brosseau & Associates Inc. bought a new position in Barrick Gold during the 2nd quarter valued at $66,820,000. Finally, Equity Investment Corp boosted its holdings in Barrick Gold by 82.1% during the 1st quarter. Equity Investment Corp now owns 5,302,815 shares of the gold and copper producer’s stock worth $88,239,000 after acquiring an additional 2,390,238 shares during 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.