Barrick Gold (NYSE:GOLD) Shares Up 0.7% After Analyst Upgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price shot up 0.7% during mid-day trading on Tuesday after UBS Group raised their price target on the stock from $22.00 to $23.00. UBS Group currently has a buy rating on the stock. Barrick Gold traded as high as $20.23 and last traded at $20.11. 3,677,677 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 21,016,443 shares. The stock had previously closed at $19.98.

GOLD has been the subject of a number of other research reports. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, August 29th. Raymond James lowered their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Jefferies Financial Group raised their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Scotiabank raised their price objective on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Finally, Royal Bank of Canada raised their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Barrick Gold currently has an average rating of “Moderate Buy” and an average target price of $23.60.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC lifted its stake in Barrick Gold by 198.1% during the third 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 in the last quarter. Clean Yield Group acquired a new position in Barrick Gold during the first quarter worth $25,000. Crewe Advisors LLC lifted its stake 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 purchasing an additional 1,572 shares in the last quarter. Jackson Grant Investment Advisers Inc. acquired a new position in Barrick Gold during the second quarter worth $32,000. Finally, LRI Investments LLC acquired a new position in Barrick Gold during the first quarter worth $37,000. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Stock Up 1.2 %

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 business has a 50 day simple moving average of $19.85 and a 200 day simple moving average of $18.17. The company has a market capitalization of $35.44 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 0.47 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. Barrick Gold’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.19 earnings per share. As a group, equities analysts predict that Barrick Gold Corp will post 1.27 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Friday, August 30th. Barrick Gold’s payout ratio is 48.78%.

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.