Barrick Gold (NYSE:GOLD) Trading 0.5% Higher – Here’s Why

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price shot up 0.5% on Wednesday . The stock traded as high as $17.88 and last traded at $17.80. 3,921,828 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 21,427,764 shares. The stock had previously closed at $17.72.

Analysts Set New Price Targets

GOLD has been the subject of a number of analyst reports. Jefferies Financial Group boosted their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Thursday, August 29th. TD Securities cut their target price on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Scotiabank reduced their price target on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a research report on Friday, November 8th. Finally, UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Three 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.90.

Barrick Gold Stock Performance

The company has a fifty day moving average price of $19.53 and a two-hundred day moving average price of $18.49. The firm has a market cap of $31.67 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 0.42 and a beta of 0.56. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06.

Barrick Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 annualized dividend and a dividend yield of 2.21%. Barrick Gold’s dividend payout ratio (DPR) is 43.01%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. DCF Advisers LLC raised its holdings in Barrick Gold by 48.3% during the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock worth $1,793,000 after buying an additional 35,000 shares during the period. Mizuho Markets Americas LLC increased its position in shares of Barrick Gold by 21.7% in the third quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer’s stock worth $46,097,000 after acquiring an additional 413,012 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of Barrick Gold during the third quarter valued at approximately $3,711,000. Aigen Investment Management LP lifted its position in shares of Barrick Gold by 330.5% in the 3rd quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer’s stock valued at $1,974,000 after acquiring an additional 76,186 shares in the last quarter. Finally, Evexia Wealth LLC acquired a new position in Barrick Gold in the 3rd quarter worth approximately $2,382,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.