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

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price gapped down before the market opened on Monday after Raymond James lowered their price target on the stock from $26.00 to $25.00. The stock had previously closed at $18.22, but opened at $17.57. Raymond James currently has an outperform rating on the stock. Barrick Gold shares last traded at $17.43, with a volume of 2,195,518 shares.

Several other research analysts have also recently weighed in on the company. TD Securities cut their price objective on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday. Jefferies Financial Group boosted their price objective on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Scotiabank reduced their price target on shares of 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, Royal Bank of Canada lifted 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. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.80.

Hedge Funds Weigh In On Barrick Gold

A number of large investors have recently bought and sold shares of the stock. LRI Investments LLC bought a new stake in Barrick Gold in the 1st quarter worth $37,000. Lazard Asset Management LLC lifted its holdings in Barrick Gold by 3.9% in the 1st quarter. Lazard Asset Management LLC now owns 399,296 shares of the gold and copper producer’s stock worth $6,644,000 after buying an additional 14,853 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Barrick Gold by 19.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,839,056 shares of the gold and copper producer’s stock worth $63,883,000 after buying an additional 628,477 shares during the last quarter. Silvercrest Asset Management Group LLC increased its stake in shares of Barrick Gold by 27.2% during the first quarter. Silvercrest Asset Management Group LLC now owns 56,105 shares of the gold and copper producer’s stock valued at $934,000 after buying an additional 12,000 shares during the period. Finally, Invenomic Capital Management LP lifted its stake in Barrick Gold by 49.1% in the first quarter. Invenomic Capital Management LP now owns 931,972 shares of the gold and copper producer’s stock worth $15,508,000 after acquiring an additional 307,010 shares during the period. 62.85% of the stock is owned by hedge funds and other institutional investors.

Barrick Gold Trading Down 3.1 %

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 firm’s fifty day moving average is $19.47 and its two-hundred day moving average is $18.53. The firm has a market cap of $30.85 billion, a P/E ratio of 18.85, a PEG ratio of 0.43 and a beta of 0.56.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Friday, November 29th. Barrick Gold’s dividend payout ratio 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.