Barrick Gold (NYSE:GOLD) Trading Down 0.1% After Analyst Downgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price traded down 0.1% during mid-day trading on Tuesday after Cibc World Mkts downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $17.47 and last traded at $17.66. 4,863,852 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 21,481,240 shares. The stock had previously closed at $17.68.

Other equities analysts have also issued research reports about the stock. TD Securities decreased their target price on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Raymond James decreased their price objective on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Monday. Jefferies Financial Group raised their price objective 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 upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Thursday, August 29th. Finally, UBS Group cut 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 research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.70.

Institutional Investors Weigh In On Barrick Gold

Institutional investors and hedge funds have recently modified their holdings of the stock. Exchange Traded Concepts LLC increased its position in shares of Barrick Gold by 198.1% in the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after acquiring an additional 935 shares in the last quarter. Clean Yield Group purchased a new stake in shares of Barrick Gold in the first quarter valued at $25,000. Eastern Bank acquired a new stake in shares of Barrick Gold in the third quarter worth $32,000. Crewe Advisors LLC grew its holdings 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 in the last quarter. Finally, JFS Wealth Advisors LLC raised its position in 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. 62.85% of the stock is owned by institutional investors and hedge funds.

Barrick Gold Stock Down 0.1 %

The stock has a market capitalization of $30.87 billion, a price-to-earnings ratio of 18.99, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56. 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 has a 50-day moving average of $19.42 and a two-hundred day moving average of $18.53.

Barrick Gold Dividend Announcement

The business also recently declared 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 of this dividend is Friday, November 29th. 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.