Barrick Gold (NYSE:GOLD) Stock Price Up 0.6% – Still a Buy?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price rose 0.6% on Friday . The stock traded as high as $17.67 and last traded at $17.57. Approximately 3,553,011 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 21,505,367 shares. The stock had previously closed at $17.47.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. UBS Group cut Barrick Gold from a “buy” rating to a “neutral” rating and decreased their target price for the company from $23.00 to $22.00 in a research report on Wednesday, October 30th. 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 reduced their price target on shares of Barrick Gold from $26.00 to $25.00 and set a “buy” rating for the company in a research report on Tuesday. Royal Bank of Canada lifted their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average price target of $25.60.

Barrick Gold Price Performance

The stock has a fifty day moving average of $19.26 and a two-hundred day moving average of $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. The stock has a market cap of $30.57 billion, a price-to-earnings ratio of 18.89, a price-to-earnings-growth ratio of 0.48 and a beta of 0.56.

Barrick Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s dividend payout ratio is currently 43.01%.

Hedge Funds Weigh In On Barrick Gold

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Exchange Traded Concepts LLC grew its stake in Barrick Gold by 198.1% in the 3rd 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. Crewe Advisors LLC grew its position in shares of Barrick Gold by 628.8% in the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after purchasing an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. purchased a new position in shares of Barrick Gold during the 2nd quarter worth approximately $32,000. Eastern Bank acquired a new position in shares of Barrick Gold during the 3rd quarter worth approximately $32,000. Finally, LRI Investments LLC purchased a new stake in Barrick Gold in the 1st quarter valued at approximately $37,000. 62.85% of the stock is owned by institutional investors and hedge funds.

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.