Barrick Gold (NYSE:GOLD) Trading Up 0.6% – Time to Buy?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shares shot up 0.6% during trading on Friday . The company traded as high as $17.67 and last traded at $17.57. 3,553,011 shares changed hands during trading, a decline of 83% from the average session volume of 21,505,367 shares. The stock had previously closed at $17.47.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday. Royal Bank of Canada boosted their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Scotiabank decreased their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research report on Monday. UBS Group downgraded 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 raised their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Four 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 presently has an average rating of “Moderate Buy” and an average target price of $25.60.

Barrick Gold Stock Performance

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 firm has a market cap of $30.57 billion, a PE ratio of 18.89, a P/E/G ratio of 0.48 and a beta of 0.56. The stock’s 50 day moving average price is $19.26 and its 200 day moving average price is $18.53.

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. This represents a $0.40 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, November 29th. Barrick Gold’s payout ratio is 43.01%.

Institutional Investors Weigh In On Barrick Gold

Hedge funds have recently modified their holdings of the stock. Ritholtz Wealth Management raised its stake in shares of Barrick Gold by 2.8% during the third quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock valued at $361,000 after purchasing an additional 502 shares during the period. Greenleaf Trust lifted its holdings in Barrick Gold by 2.1% in the 3rd quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock worth $510,000 after buying an additional 540 shares in the last quarter. Moors & Cabot Inc. boosted its position in Barrick Gold by 0.9% in the 3rd quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after buying an additional 579 shares during the last quarter. Chelsea Counsel Co. grew its stake in shares of 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 acquiring an additional 590 shares in the last quarter. Finally, Silverlake Wealth Management LLC increased its position in shares of Barrick Gold by 1.3% during the third quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock worth $992,000 after acquiring an additional 628 shares during the last quarter. 62.85% of the stock is currently owned by hedge funds and other 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.