Canoe Financial LP Trims Holdings in Barrick Gold Corp (NYSE:GOLD)

Canoe Financial LP decreased its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 96.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 120,000 shares of the gold and copper producer’s stock after selling 3,659,421 shares during the quarter. Canoe Financial LP’s holdings in Barrick Gold were worth $1,860,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Exchange Traded Concepts LLC grew its position in Barrick Gold by 198.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after purchasing an additional 935 shares during the period. Eastern Bank purchased a new stake in shares of Barrick Gold in the third quarter worth about $32,000. JFS Wealth Advisors LLC grew its holdings in Barrick Gold by 451.7% during the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after acquiring an additional 1,563 shares during the period. AlphaMark Advisors LLC purchased a new position in Barrick Gold during the third quarter valued at approximately $60,000. Finally, BNP Paribas lifted its holdings in Barrick Gold by 221.7% in the third quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer’s stock valued at $62,000 after acquiring an additional 2,113 shares during the period. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Price Performance

NYSE:GOLD opened at $16.00 on Friday. The stock has a 50 day moving average of $16.57 and a two-hundred day moving average of $18.35. Barrick Gold Corp has a 12 month low of $13.76 and a 12 month high of $21.35. The firm has a market cap of $27.85 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 0.28 and a beta of 0.54. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend was Friday, November 29th. Barrick Gold’s dividend payout ratio is currently 43.01%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GOLD. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. TD Securities dropped their price target on shares of Barrick Gold from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Citigroup decreased their price objective on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, December 20th. UBS Group cut Barrick Gold from a “buy” rating to a “neutral” rating and dropped their target price for the company from $23.00 to $22.00 in a research report on Wednesday, October 30th. Finally, CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.82.

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.