Barrick Gold (NYSE:GOLD) Shares Up 2.6% – Time to Buy?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price shot up 2.6% during mid-day trading on Monday . The company traded as high as $17.15 and last traded at $17.09. 4,213,117 shares were traded during mid-day trading, a decline of 80% from the average session volume of 21,347,131 shares. The stock had previously closed at $16.65.

Analyst Upgrades and Downgrades

GOLD has been the topic of a number of research analyst reports. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $22.00 in a research report on Wednesday, October 30th. Scotiabank dropped their target price on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a research report on Friday, November 8th. Argus raised 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. Royal Bank of Canada lifted their price target 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, Raymond James cut their price objective 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. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Barrick Gold currently has an average rating of “Moderate Buy” and a consensus target price of $23.90.

Barrick Gold Trading Up 2.9 %

The firm has a market cap of $29.94 billion, a P/E ratio of 18.38, a PEG ratio of 0.39 and a beta of 0.56. The business has a 50 day moving average of $19.69 and a two-hundred day moving average of $18.49. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.34%. Barrick Gold’s dividend payout ratio (DPR) is currently 43.01%.

Hedge Funds Weigh In On Barrick Gold

Institutional investors and hedge funds have recently made changes to their positions in the company. Clean Yield Group acquired a new position in Barrick Gold in the 1st quarter valued at $25,000. Exchange Traded Concepts LLC grew its stake in shares of Barrick Gold by 198.1% in 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 acquiring an additional 935 shares in the last quarter. Crewe Advisors LLC increased its position in Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after acquiring an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. acquired a new stake in Barrick Gold in the 2nd quarter worth about $32,000. Finally, Eastern Bank bought a new position in shares of Barrick Gold during the third quarter worth approximately $32,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.