Pingora Partners LLC Buys 2,500 Shares of Barrick Gold Corp (NYSE:GOLD)

Pingora Partners LLC raised its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 250.0% during the 4th quarter, Holdings Channel reports. The fund owned 3,500 shares of the gold and copper producer’s stock after acquiring an additional 2,500 shares during the period. Pingora Partners LLC’s holdings in Barrick Gold were worth $54,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of GOLD. Crowley Wealth Management Inc. bought a new position in shares of Barrick Gold during the fourth quarter worth approximately $26,000. Strategic Investment Solutions Inc. IL bought a new position in Barrick Gold during the 4th quarter worth $37,000. First Horizon Advisors Inc. lifted its holdings in shares of Barrick Gold by 619.7% during the fourth quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock worth $48,000 after buying an additional 2,646 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in shares of Barrick Gold during the fourth quarter worth $65,000. Finally, Exchange Traded Concepts LLC boosted its position in shares of Barrick Gold by 196.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 4,178 shares of the gold and copper producer’s stock valued at $65,000 after acquiring an additional 2,771 shares during the period. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Price Performance

Shares of NYSE:GOLD opened at $19.42 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.15 and a current ratio of 2.89. Barrick Gold Corp has a 52 week low of $15.11 and a 52 week high of $21.35. The firm has a market cap of $33.39 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 0.44 and a beta of 0.55. The firm’s fifty day moving average is $18.93 and its 200-day moving average is $17.93.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Sell-side analysts predict that Barrick Gold Corp will post 1.47 earnings per share for the current year.

Barrick Gold announced that its Board of Directors has approved a share buyback plan on Wednesday, February 12th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the gold and copper producer to buy up to 3.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date was Friday, February 28th. Barrick Gold’s dividend payout ratio is currently 32.52%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $21.00 to $18.00 in a research note on Monday, January 27th. National Bank Financial upgraded shares of Barrick Gold to a “hold” rating in a research report on Friday, March 21st. TD Securities lowered their price objective on Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. StockNews.com upgraded Barrick Gold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 5th. Finally, Stifel Canada raised Barrick Gold to a “strong-buy” rating in a research note on Wednesday, March 19th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.05.

Barrick Gold 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.