Barrick Gold (NYSE:GOLD) Trading Down 3.6% Following Analyst Downgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shares traded down 3.6% during trading on Monday after Raymond James lowered their price target on the stock from $26.00 to $25.00. Raymond James currently has an outperform rating on the stock. Barrick Gold traded as low as $17.37 and last traded at $17.56. 6,697,085 shares traded hands during trading, a decline of 69% from the average session volume of 21,478,600 shares. The stock had previously closed at $18.22.

GOLD has been the topic of several other reports. UBS Group lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Royal Bank of Canada upped 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. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, August 29th. Scotiabank decreased 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. Finally, CIBC lowered shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.80.

Institutional Investors Weigh In On Barrick Gold

A number of hedge funds have recently added to or reduced their stakes in the stock. LRI Investments LLC acquired a new stake in Barrick Gold in the 1st quarter valued at approximately $37,000. Lazard Asset Management LLC lifted its stake in shares of Barrick Gold by 3.9% in the 1st quarter. Lazard Asset Management LLC now owns 399,296 shares of the gold and copper producer’s stock worth $6,644,000 after acquiring an additional 14,853 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Barrick Gold by 19.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,839,056 shares of the gold and copper producer’s stock worth $63,883,000 after purchasing an additional 628,477 shares during the period. Silvercrest Asset Management Group LLC boosted its position in shares of Barrick Gold by 27.2% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 56,105 shares of the gold and copper producer’s stock valued at $934,000 after purchasing an additional 12,000 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its holdings in Barrick Gold by 49.1% during the first quarter. Invenomic Capital Management LP now owns 931,972 shares of the gold and copper producer’s stock worth $15,508,000 after buying an additional 307,010 shares in the last quarter. 62.85% of the stock is currently owned by institutional investors.

Barrick Gold Price Performance

The company has a market cap of $30.70 billion, a price-to-earnings ratio of 18.88, a P/E/G 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 has a 50-day moving average price of $19.47 and a 200 day moving average price of $18.53.

Barrick Gold Announces Dividend

The firm also recently disclosed 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. This represents a $0.40 annualized dividend and a yield of 2.28%. The ex-dividend date is Friday, November 29th. Barrick Gold’s dividend payout ratio is currently 43.01%.

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.