Barrick Gold (NYSE:GOLD) Shares Up 2% on Analyst Upgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shares rose 2% during trading on Monday after Scotiabank raised their price target on the stock from $23.00 to $25.00. Scotiabank currently has a sector outperform rating on the stock. Barrick Gold traded as high as $20.19 and last traded at $20.11. Approximately 8,411,435 shares traded hands during trading, a decline of 61% from the average daily volume of 21,766,738 shares. The stock had previously closed at $19.71.

Several other brokerages have also issued reports on GOLD. Jefferies Financial Group upped their target price on shares of Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. CIBC boosted their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $22.67.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC raised its position in shares of Barrick Gold by 20.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 12,602 shares of the gold and copper producer’s stock worth $228,000 after purchasing an additional 2,112 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of Barrick Gold by 18.4% in the fourth quarter. Cerity Partners LLC now owns 47,260 shares of the gold and copper producer’s stock worth $855,000 after buying an additional 7,349 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Barrick Gold by 5.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 428,403 shares of the gold and copper producer’s stock valued at $7,778,000 after buying an additional 21,502 shares during the last quarter. Signaturefd LLC raised its holdings in Barrick Gold by 7.8% in the 4th quarter. Signaturefd LLC now owns 43,485 shares of the gold and copper producer’s stock worth $787,000 after acquiring an additional 3,155 shares during the last quarter. Finally, CWM LLC raised its position in Barrick Gold by 8.4% in the 4th quarter. CWM LLC now owns 16,377 shares of the gold and copper producer’s stock worth $296,000 after buying an additional 1,269 shares during the last quarter. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Up 2.6 %

The company’s 50 day moving average price is $17.58 and its two-hundred day moving average price is $16.73. The company has a current ratio of 3.32, a quick ratio of 2.49 and a debt-to-equity ratio of 0.15. The stock has a market cap of $35.44 billion, a P/E ratio of 24.67, a PEG ratio of 0.48 and a beta of 0.51.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a net margin of 12.58% and a return on equity of 4.88%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.19 EPS. Equities analysts forecast that Barrick Gold Corp will post 1.16 earnings per share for the current year.

Barrick Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $0.10 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.98%. Barrick Gold’s payout ratio is currently 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.