Barrick Gold (NYSE:GOLD) Trading Down 1.5% – Time to Sell?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) traded down 1.5% during trading on Wednesday . The stock traded as low as $19.30 and last traded at $19.36. 3,228,624 shares were traded during mid-day trading, a decline of 85% from the average session volume of 21,157,484 shares. The stock had previously closed at $19.66.

Wall Street Analysts Forecast Growth

GOLD has been the topic of a number of research reports. Raymond James lowered their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Thursday, August 29th. Scotiabank boosted their price objective on Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Royal Bank of Canada upped their price target on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Finally, CIBC upped their price target on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.67.

Barrick Gold Stock Down 0.7 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31. The firm has a market cap of $34.21 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 0.49 and a beta of 0.55. The firm has a 50 day moving average price of $19.64 and a 200-day moving average price of $18.03.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The business had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the prior year, the firm posted $0.19 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities analysts predict that Barrick Gold Corp will post 1.25 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.05%. The ex-dividend date was Friday, August 30th. Barrick Gold’s payout ratio is 48.78%.

Hedge Funds Weigh In On Barrick Gold

Several hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its stake in Barrick Gold by 58.4% in the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after buying an additional 37,128,653 shares during the period. Vanguard Group Inc. lifted its stake in Barrick Gold by 1.7% in the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after buying an additional 1,089,572 shares during the period. First Eagle Investment Management LLC lifted its stake in Barrick Gold by 31.6% in the first 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 buying an additional 14,138,639 shares during the period. EdgePoint Investment Group Inc. lifted its stake in Barrick Gold by 3.7% in the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after buying an additional 666,214 shares during the period. Finally, National Bank of Canada FI increased its holdings in shares of Barrick Gold by 9.0% in the first quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock worth $251,929,000 after acquiring an additional 1,231,184 shares in the last quarter. 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.