Barrick Gold (NYSE:GOLD) Trading Up 2.4% – Should You Buy?

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shot up 2.4% on Tuesday . The company traded as high as $17.64 and last traded at $17.63. 3,985,905 shares traded hands during trading, a decline of 81% from the average session volume of 21,452,266 shares. The stock had previously closed at $17.21.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Cibc World Mkts cut Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Thursday, August 29th. Berenberg Bank raised their target price on shares of Barrick Gold from $37.00 to $38.00 in a research note on Tuesday, November 26th. Scotiabank dropped their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Finally, CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.60.

Barrick Gold Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The business’s 50 day moving average price is $19.14 and its 200 day moving average price is $18.54. The stock has a market capitalization of $30.71 billion, a P/E ratio of 18.96, a price-to-earnings-growth ratio of 0.48 and a beta of 0.53.

Barrick Gold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 dividend on an annualized basis and a yield of 2.28%. Barrick Gold’s dividend payout ratio is presently 43.01%.

Institutional Investors Weigh In On Barrick Gold

A number of large investors have recently made changes to their positions in the company. Inspire Trust Co. N.A. grew its position in Barrick Gold by 25.2% during the third quarter. Inspire Trust Co. N.A. now owns 49,700 shares of the gold and copper producer’s stock valued at $989,000 after buying an additional 10,000 shares during the period. Synovus Financial Corp purchased a new stake in shares of Barrick Gold in the 3rd quarter worth $210,000. Wilmington Savings Fund Society FSB bought a new position in Barrick Gold in the 3rd quarter worth $517,000. Chelsea Counsel Co. lifted its position in Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after purchasing an additional 590 shares in the last quarter. Finally, Bard Financial Services Inc. grew its holdings in Barrick Gold by 3.5% during the third quarter. Bard Financial Services Inc. now owns 55,875 shares of the gold and copper producer’s stock valued at $1,111,000 after purchasing an additional 1,875 shares during the period. 62.85% of the stock is currently owned by institutional investors.

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.