Barrick Gold (NYSE:GOLD) Trading 0.2% Higher on Analyst Upgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shares rose 0.2% on Wednesday after Berenberg Bank raised their price target on the stock from $37.00 to $38.00. The company traded as high as $17.75 and last traded at $17.60. Approximately 4,458,735 shares changed hands during trading, a decline of 79% from the average daily volume of 21,508,420 shares. The stock had previously closed at $17.56.

Other equities analysts have also issued research reports about the company. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday. Argus upgraded shares of 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. TD Securities decreased 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 note on Tuesday. Finally, Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.91.

Hedge Funds Weigh In On Barrick Gold

Several large investors have recently modified their holdings of GOLD. Exchange Traded Concepts LLC increased its position 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 valued at $28,000 after acquiring an additional 935 shares during the last quarter. Clean Yield Group bought a new position in Barrick Gold during the 1st quarter valued at about $25,000. Eastern Bank bought a new stake in Barrick Gold in the third quarter worth about $32,000. Crewe Advisors LLC boosted its position 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 valued at $30,000 after buying an additional 1,572 shares during the period. Finally, JFS Wealth Advisors LLC boosted its position 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 valued at $38,000 after buying an additional 1,563 shares during the period. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Performance

The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $19.31 and a 200 day moving average price of $18.53. The stock has a market cap of $30.73 billion, a P/E ratio of 18.90, a PEG ratio of 0.42 and a beta of 0.56.

Barrick Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.28%. Barrick Gold’s dividend payout ratio (DPR) is 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.