Barrick Gold (NYSE:GOLD) Shares Gap Down After Analyst Downgrade

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) gapped down before the market opened on Monday after Raymond James lowered their price target on the stock from $26.00 to $25.00. The stock had previously closed at $18.22, but opened at $17.57. Raymond James currently has an outperform rating on the stock. Barrick Gold shares last traded at $17.43, with a volume of 2,195,518 shares changing hands.

A number of other research analysts have also recently issued reports on GOLD. UBS Group cut Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. Scotiabank cut their price objective on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a research report on Friday, November 8th. TD Securities decreased their target price on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, November 8th. 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. Finally, CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.80.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently modified their holdings of GOLD. Clean Yield Group purchased a new position in Barrick Gold during the first quarter valued at $25,000. Exchange Traded Concepts LLC lifted its holdings in Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after purchasing an additional 935 shares in the last quarter. Crewe Advisors LLC boosted its position in shares of Barrick Gold by 628.8% in the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Barrick Gold in the second quarter worth $32,000. Finally, Eastern Bank bought a new stake in shares of Barrick Gold during the 3rd quarter valued at $32,000. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Gold Stock Performance

The company has a market cap of $30.85 billion, a PE ratio of 18.85, a PEG ratio of 0.43 and a beta of 0.56. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $19.47 and its two-hundred day moving average is $18.53.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Friday, November 29th. Barrick Gold’s dividend payout ratio is currently 43.01%.

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.