Barrick Gold (NYSE:GOLD) Shares Down 3.6% After Analyst Downgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) was down 3.6% during mid-day trading on Monday after Scotiabank lowered their price target on the stock from $24.00 to $23.00. Scotiabank currently has a sector outperform rating on the stock. Barrick Gold traded as low as $17.37 and last traded at $17.56. Approximately 6,697,085 shares traded hands during trading, a decline of 69% from the average daily volume of 21,478,600 shares. The stock had previously closed at $18.22.

A number of other research firms have also recently commented on GOLD. CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday. Jefferies Financial Group lifted their target price on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, August 29th. UBS Group cut Barrick Gold from a “buy” rating to a “neutral” rating and cut their target price for the stock from $23.00 to $22.00 in a research report on Wednesday, October 30th. Finally, Raymond James cut their target price on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday. Four investment 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, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average target price of $23.70.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GOLD. Clean Yield Group purchased a new position in Barrick Gold in the 1st quarter valued at about $25,000. Exchange Traded Concepts LLC lifted its position in shares of Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after purchasing an additional 935 shares during the last quarter. Crewe Advisors LLC lifted its holdings in 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 worth $30,000 after acquiring an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. bought a new position in Barrick Gold in the second quarter worth about $32,000. Finally, Eastern Bank bought a new position in Barrick Gold in the third quarter worth about $32,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Down 2.9 %

The firm’s 50 day simple moving average is $19.42 and its 200 day simple moving average is $18.53. The company has a market cap of $30.92 billion, a price-to-earnings ratio of 19.02, 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.

Barrick Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.26%. Barrick Gold’s dividend payout ratio is presently 43.01%.

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.