Barrick Gold (NYSE:GOLD) Shares Up 1%

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price shot up 1% during trading on Tuesday . The stock traded as high as $20.46 and last traded at $20.41. 5,807,045 shares changed hands during trading, a decline of 73% from the average session volume of 21,234,512 shares. The stock had previously closed at $20.21.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GOLD. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Thursday, August 29th. Scotiabank lifted their price target on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. Jefferies Financial Group lifted their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. CIBC raised their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada raised their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.30.

Barrick Gold Trading Up 1.6 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.49. The company has a market cap of $35.98 billion, a price-to-earnings ratio of 24.89, a PEG ratio of 0.49 and a beta of 0.55. The business’s 50-day simple moving average is $19.24 and its 200-day simple moving average is $17.68.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.19 earnings per share. Research analysts predict that Barrick Gold Corp will post 1.22 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio is presently 48.78%.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors have recently modified their holdings of the company. Edge Wealth Management LLC raised its position in shares of Barrick Gold by 6.3% in the first quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer’s stock valued at $204,000 after buying an additional 725 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Barrick Gold by 1.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 38,999 shares of the gold and copper producer’s stock worth $650,000 after purchasing an additional 731 shares during the last quarter. Greenleaf Trust increased its position in Barrick Gold by 3.5% during the first quarter. Greenleaf Trust now owns 25,119 shares of the gold and copper producer’s stock worth $418,000 after purchasing an additional 838 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co increased its position in Barrick Gold by 2.4% during the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 36,519 shares of the gold and copper producer’s stock worth $608,000 after purchasing an additional 850 shares during the last quarter. Finally, Bangor Savings Bank increased its position in Barrick Gold by 4.4% during the second quarter. Bangor Savings Bank now owns 21,445 shares of the gold and copper producer’s stock worth $358,000 after purchasing an additional 904 shares during the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.