Xcel Wealth Management LLC Sells 7,700 Shares of Barrick Gold Corp (NYSE:GOLD)

Xcel Wealth Management LLC cut its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 11.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 57,950 shares of the gold and copper producer’s stock after selling 7,700 shares during the period. Xcel Wealth Management LLC’s holdings in Barrick Gold were worth $1,153,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOLD. First Eagle Investment Management LLC raised its holdings in 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 period. EdgePoint Investment Group Inc. raised its stake in shares of Barrick Gold by 38.8% during the first 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 raised its stake in shares of Barrick Gold by 4,713.3% during the second 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 during the second quarter valued at $66,820,000. Finally, Equity Investment Corp raised its stake in shares of Barrick Gold by 82.1% during the first 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 owned by institutional investors.

Wall Street Analysts Forecast Growth

GOLD has been the subject of a number of analyst reports. Raymond James lowered their target price on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Thursday, August 29th. Jefferies Financial Group upped their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Royal Bank of Canada upped their price objective 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. Finally, UBS Group boosted their target price on shares of Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.60.

Barrick Gold Trading Up 1.6 %

Shares of GOLD stock traded up $0.34 on Tuesday, hitting $21.20. 9,933,246 shares of the company’s stock traded hands, compared to its average volume of 21,001,521. The stock has a market capitalization of $37.16 billion, a price-to-earnings ratio of 25.71, a P/E/G ratio of 0.47 and a beta of 0.55. Barrick Gold Corp has a one year low of $13.76 and a one year high of $21.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. The company’s fifty day simple moving average is $20.08 and its 200 day simple moving average is $18.26.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.19 EPS. Equities analysts forecast that Barrick Gold Corp will post 1.27 EPS for the current year.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a yield of 1.89%. Barrick Gold’s dividend payout ratio (DPR) is currently 48.78%.

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.