Barrick Gold (NYSE:GOLD) Trading Down 2.1% – Time to Sell?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price was down 2.1% during trading on Tuesday . The company traded as low as $16.99 and last traded at $17.04. Approximately 7,118,095 shares changed hands during trading, a decline of 66% from the average daily volume of 21,240,701 shares. The stock had previously closed at $17.40.

Analyst Upgrades and Downgrades

GOLD has been the topic of a number of research analyst reports. Raymond James dropped their target price on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Scotiabank lowered their price objective on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a research note on Friday, November 8th. Jefferies Financial Group increased their price target 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 boosted their target price on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Finally, UBS Group downgraded Barrick Gold from a “buy” rating to a “neutral” rating and cut their price objective for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Trading Up 0.4 %

The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The firm has a market cap of $29.45 billion, a P/E ratio of 18.24, a P/E/G ratio of 0.40 and a beta of 0.56. The firm has a 50 day simple moving average of $19.79 and a 200 day simple moving average of $18.48.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. Barrick Gold’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm posted $0.19 earnings per share. On average, equities research analysts predict that Barrick Gold Corp will post 1.29 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.37%. The ex-dividend date is Friday, November 29th. Barrick Gold’s dividend payout ratio is presently 43.01%.

Institutional Investors Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DCF Advisers LLC boosted its holdings in shares of Barrick Gold by 48.3% during the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock valued at $1,793,000 after buying an additional 35,000 shares in the last quarter. Entropy Technologies LP purchased a new stake in Barrick Gold in the third quarter worth about $3,711,000. Aigen Investment Management LP increased its stake in shares of Barrick Gold by 330.5% during the third quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer’s stock valued at $1,974,000 after purchasing an additional 76,186 shares in the last quarter. Evexia Wealth LLC purchased a new position in shares of Barrick Gold during the third quarter valued at approximately $2,382,000. Finally, 1832 Asset Management L.P. boosted its position in shares of Barrick Gold by 3.6% in the 1st quarter. 1832 Asset Management L.P. now owns 1,089,855 shares of the gold and copper producer’s stock worth $18,135,000 after purchasing an additional 38,100 shares in the last quarter. 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.