Barrick Gold (NYSE:GOLD) Trading Up 0.1% – Here’s What Happened

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price rose 0.1% during mid-day trading on Thursday . The company traded as high as $17.75 and last traded at $17.57. Approximately 21,836,268 shares were traded during mid-day trading, an increase of 1% from the average daily volume of 21,586,721 shares. The stock had previously closed at $17.56.

Wall Street Analysts Forecast Growth

GOLD has been the subject of a number of research reports. Royal Bank of Canada increased their price target on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Berenberg Bank raised their price objective on shares of Barrick Gold from $37.00 to $38.00 in a report on Tuesday. Scotiabank dropped their price target on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research note on Monday. Raymond James decreased their price objective on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Monday. Finally, Cibc World Mkts downgraded Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.91.

Barrick Gold Stock Up 0.1 %

The stock has a fifty day moving average of $19.31 and a 200 day moving average of $18.53. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The firm has a market capitalization of $30.71 billion, a P/E ratio of 18.89, a price-to-earnings-growth ratio of 0.42 and a beta of 0.56.

Barrick Gold Announces Dividend

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 paid a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 annualized dividend and a dividend yield of 2.28%. Barrick Gold’s payout ratio is 43.01%.

Hedge Funds Weigh In On Barrick Gold

Several hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. increased its stake in Barrick Gold by 221.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after acquiring an additional 6,904,934 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Barrick Gold by 4,713.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock worth $69,141,000 after buying an additional 4,058,351 shares during the period. Letko Brosseau & Associates Inc. bought a new position in Barrick Gold during the 2nd quarter worth approximately $66,820,000. The Manufacturers Life Insurance Company grew its holdings in Barrick Gold by 33.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after acquiring an additional 2,854,055 shares during the last quarter. Finally, Mizuho Markets Americas LLC bought a new position in shares of Barrick Gold during the second quarter valued at about $31,768,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Company Profile

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.