Barrick Gold (NYSE:GOLD) Trading 0.7% Higher on Analyst Upgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) traded up 0.7% on Tuesday after UBS Group raised their price target on the stock from $22.00 to $23.00. UBS Group currently has a buy rating on the stock. Barrick Gold traded as high as $20.23 and last traded at $20.11. 3,677,677 shares were traded during trading, a decline of 83% from the average session volume of 21,016,443 shares. The stock had previously closed at $19.98.

A number of other research analysts have also recently issued reports on the company. Raymond James decreased their target price on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Royal Bank of Canada boosted their price objective on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Scotiabank raised their target price on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, August 29th. Finally, Jefferies Financial Group raised their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average price target of $23.60.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GOLD. Exchange Traded Concepts LLC grew its holdings in shares of 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 in the last quarter. Clean Yield Group acquired a new position in shares of Barrick Gold during the 1st quarter worth approximately $25,000. Crewe Advisors LLC increased its position in shares of Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Barrick Gold in the 2nd quarter valued at approximately $32,000. Finally, LRI Investments LLC bought a new position in shares of Barrick Gold in the first quarter valued at $37,000. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Down 1.4 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31. The firm’s 50 day moving average is $19.92 and its two-hundred day moving average is $18.18. The firm has a market capitalization of $34.93 billion, a P/E ratio of 24.30, a PEG ratio of 0.47 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The company had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the prior year, the firm earned $0.19 EPS. Barrick Gold’s quarterly revenue was up 11.6% compared to the same quarter last year. Research analysts predict that Barrick Gold Corp will post 1.27 EPS for the current year.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s payout ratio is presently 48.78%.

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.