Barrick Gold (NYSE:GOLD) Shares Gap Down After Analyst Downgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price gapped down prior to trading on Monday after Scotiabank lowered their price target on the stock from $24.00 to $23.00. The stock had previously closed at $18.22, but opened at $17.57. Scotiabank currently has a sector outperform rating on the stock. Barrick Gold shares last traded at $17.43, with a volume of 2,195,518 shares changing hands.

Several other equities research analysts also recently issued reports on the stock. Royal Bank of Canada raised their price objective 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. UBS Group downgraded 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 research report on Wednesday, October 30th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, August 29th. Raymond James lowered their target price on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Jefferies Financial Group raised their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.70.

Institutional Trading of Barrick Gold

Hedge funds and other institutional investors have recently modified their holdings of the stock. Exchange Traded Concepts LLC grew its stake in shares of 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 buying an additional 935 shares during the last quarter. Clean Yield Group bought a new stake in shares of Barrick Gold during the first quarter worth $25,000. Eastern Bank bought a new stake in shares of Barrick Gold during the third quarter worth $32,000. Crewe Advisors LLC grew its stake in shares of 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 buying an additional 1,572 shares during the last quarter. Finally, JFS Wealth Advisors LLC grew its stake in shares of 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 buying an additional 1,563 shares during the last quarter. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Trading Down 2.9 %

The stock has a market cap of $30.92 billion, a P/E ratio of 19.02, a PEG ratio of 0.43 and a beta of 0.56. The business’s 50 day simple moving average is $19.42 and its two-hundred day simple moving average is $18.53. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.26%. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

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.