Barrick Gold (NYSE:GOLD) Trading Down 0.2% – What’s Next?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price was down 0.2% during mid-day trading on Friday . The stock traded as low as $18.32 and last traded at $18.34. Approximately 5,191,404 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 23,728,842 shares. The stock had previously closed at $18.37.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. BMO Capital Markets assumed coverage on Barrick Gold in a report on Wednesday, April 16th. They set a “market perform” rating on the stock. Scotiabank increased their price objective on Barrick Gold from $20.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Monday, April 14th. Citigroup reduced their price objective on shares of Barrick Gold from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Monday, March 31st. National Bankshares reaffirmed an “outperform” rating on shares of Barrick Gold in a research note on Wednesday, April 2nd. Finally, Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $21.00 to $18.00 in a research report on Monday, January 27th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.05.

Barrick Gold Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15. The company’s 50 day simple moving average is $18.98 and its 200 day simple moving average is $17.89. The company has a market capitalization of $31.67 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 0.44 and a beta of 0.55.

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

Barrick Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.17%. The ex-dividend date was Friday, February 28th. Barrick Gold’s payout ratio is currently 32.52%.

Barrick Gold announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 12th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the gold and copper producer to buy up to 3.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp grew its stake in shares of Barrick Gold by 2.1% in the 4th quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer’s stock valued at $1,182,641,000 after purchasing an additional 1,563,361 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Barrick Gold by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 68,358,533 shares of the gold and copper producer’s stock worth $1,060,036,000 after acquiring an additional 1,195,585 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Barrick Gold by 17.5% in the fourth quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer’s stock valued at $996,802,000 after acquiring an additional 9,598,292 shares in the last quarter. Capital International Investors increased its stake in shares of Barrick Gold by 136.1% during the fourth quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer’s stock worth $516,055,000 after acquiring an additional 19,189,830 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in Barrick Gold by 1.9% during the fourth quarter. Mackenzie Financial Corp now owns 15,318,376 shares of the gold and copper producer’s stock worth $237,280,000 after purchasing an additional 278,292 shares in the last quarter. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.