Barrick Gold (NYSE:GOLD) Stock Price Down 2.9% – Here’s What Happened

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price fell 2.9% during trading on Wednesday . The company traded as low as $17.75 and last traded at $18.33. 10,647,103 shares were traded during mid-day trading, a decline of 49% from the average session volume of 21,074,881 shares. The stock had previously closed at $18.88.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GOLD. Raymond James cut their price target on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. CIBC boosted their price target on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Thursday, August 29th. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Finally, Jefferies Financial Group boosted their price target on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.50.

Barrick Gold Stock Down 2.4 %

The firm has a 50-day moving average price of $20.02 and a 200 day moving average price of $18.44. 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 company has a market cap of $32.22 billion, a price-to-earnings ratio of 21.43, a P/E/G ratio of 0.45 and a beta of 0.56.

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 business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.19 earnings per share. Sell-side analysts predict that Barrick Gold Corp will post 1.29 EPS for the current year.

Barrick Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.17%. The ex-dividend date was Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is currently 46.51%.

Institutional Investors Weigh In On Barrick Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC lifted its stake in shares of Barrick Gold by 31.6% in the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after acquiring an additional 14,138,639 shares during the last quarter. EdgePoint Investment Group Inc. lifted its stake in shares of 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 acquiring an additional 5,080,510 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of 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 acquiring an additional 4,058,351 shares during the last quarter. Letko Brosseau & Associates Inc. bought a new position in shares of Barrick Gold in the 2nd quarter valued at $66,820,000. Finally, Equity Investment Corp lifted its stake in shares of Barrick Gold by 82.1% in the 1st quarter. Equity Investment Corp now owns 5,302,815 shares of the gold and copper producer’s stock valued at $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.