Barrick Gold (NYSE:GOLD) Shares Down 2.1% – Time to Sell?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price dropped 2.1% during trading on Tuesday . The stock traded as low as $16.99 and last traded at $17.04. Approximately 7,118,095 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 21,240,701 shares. The stock had previously closed at $17.40.

Analysts Set New Price Targets

A number of brokerages have weighed in on GOLD. TD Securities reduced their price objective on Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Friday. UBS Group lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $23.00 to $22.00 in a research report on Wednesday, October 30th. 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. Royal Bank of Canada increased their price target on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, Raymond James lowered their price target on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Barrick Gold currently has an average rating of “Moderate Buy” and a consensus price target of $23.90.

Barrick Gold Trading Down 2.2 %

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 price is $19.89 and its 200-day moving average price is $18.49. The stock has a market cap of $29.75 billion, a P/E ratio of 18.32, a P/E/G ratio of 0.43 and a beta of 0.56.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 13.19% and a return on equity of 5.85%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted $0.19 EPS. As a group, equities research analysts forecast that Barrick Gold Corp will post 1.29 earnings per share for the current year.

Barrick Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s dividend payout ratio is currently 43.01%.

Hedge Funds Weigh In On Barrick Gold

Several hedge funds and other institutional investors have recently modified their holdings of GOLD. First Eagle Investment Management LLC grew its position in Barrick Gold by 31.6% in the first 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 acquiring an additional 14,138,639 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Barrick Gold by 221.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock worth $199,427,000 after acquiring an additional 6,904,934 shares in the last quarter. EdgePoint Investment Group Inc. boosted its position in Barrick Gold by 38.8% during the 1st quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after buying an additional 5,080,510 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Barrick Gold by 4,713.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock valued at $69,141,000 after purchasing an additional 4,058,351 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. acquired a new position in shares of Barrick Gold during the second quarter valued at about $66,820,000. 62.85% of the stock is owned by institutional investors and hedge funds.

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.