Seven Eight Capital LP Invests $652,000 in Barrick Gold Corp (NYSE:GOLD)

Seven Eight Capital LP bought a new stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) during the first quarter, HoldingsChannel.com reports. The fund bought 39,161 shares of the gold and copper producer’s stock, valued at approximately $652,000.

Other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP raised its stake in Barrick Gold by 58.4% in the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after buying an additional 37,128,653 shares during the period. Van ECK Associates Corp raised its stake in Barrick Gold by 9.7% in the 4th quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock valued at $1,464,070,000 after acquiring an additional 7,150,142 shares during the period. Vanguard Group Inc. lifted its holdings in Barrick Gold by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after purchasing an additional 1,089,572 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in Barrick Gold by 31.6% during the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after purchasing an additional 14,138,639 shares during the last quarter. Finally, Capital World Investors boosted its position in Barrick Gold by 16.4% during the fourth quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock worth $821,790,000 after purchasing an additional 6,417,244 shares during the period. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Price Performance

Shares of GOLD stock traded up $0.21 during trading on Tuesday, hitting $18.57. The company had a trading volume of 18,292,000 shares, compared to its average volume of 21,844,682. The stock’s 50-day moving average price is $17.23 and its 200 day moving average price is $16.49. Barrick Gold Corp has a one year low of $13.76 and a one year high of $19.45. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.49 and a current ratio of 3.32. The firm has a market capitalization of $32.55 billion, a P/E ratio of 22.65, a price-to-earnings-growth ratio of 0.50 and a beta of 0.51.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.04. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same period in the prior year, the firm posted $0.14 EPS. Barrick Gold’s quarterly revenue was up 3.9% on a year-over-year basis. Equities analysts expect that Barrick Gold Corp will post 1.12 EPS for the current fiscal year.

Barrick Gold Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, May 31st. This is a boost from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a dividend yield of 2.15%. Barrick Gold’s payout ratio is presently 48.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GOLD shares. CIBC increased their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. BMO Capital Markets lowered their price target on shares of Barrick Gold from $27.00 to $26.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. National Bank Financial restated a “sector perform overweight” rating on shares of Barrick Gold in a research report on Monday, April 8th. Finally, Jefferies Financial Group upped their target price on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.20.

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.