Twinbeech Capital LP Makes New $334,000 Investment in Barrick Gold Corp (NYSE:B)

Twinbeech Capital LP bought a new stake in shares of Barrick Gold Corp (NYSE:B) (TSE:ABX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 21,527 shares of the gold and copper producer’s stock, valued at approximately $334,000.

Other institutional investors have also recently made changes to their positions in the company. Crowley Wealth Management Inc. purchased a new position in shares of Barrick Gold during the 4th quarter valued at approximately $26,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Barrick Gold during the 4th quarter valued at approximately $37,000. First Horizon Advisors Inc. increased its holdings in shares of Barrick Gold by 619.7% during the 4th quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock valued at $48,000 after purchasing an additional 2,646 shares in the last quarter. Pingora Partners LLC grew its stake in Barrick Gold by 250.0% in the 4th quarter. Pingora Partners LLC now owns 3,500 shares of the gold and copper producer’s stock valued at $54,000 after acquiring an additional 2,500 shares during the period. Finally, Exchange Traded Concepts LLC grew its stake in Barrick Gold by 196.9% in the 4th 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. 90.82% of the stock is owned by hedge funds and other institutional investors.

Barrick Gold Trading Down 0.8%

Shares of B opened at $18.67 on Friday. Barrick Gold Corp has a 52-week low of $17.41 and a 52-week high of $47.50. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average is $19.03 and its two-hundred day moving average is $17.73. The stock has a market cap of $32.10 billion, a PE ratio of 15.18, a price-to-earnings-growth ratio of 0.44 and a beta of 0.25.

Barrick Gold (NYSE:B) (TSE:ABX) last announced its earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The company had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.19 EPS. Research analysts forecast that Barrick Gold Corp will post 1.47 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, May 30th. This represents a $0.40 annualized dividend and a dividend yield of 2.14%. Barrick Gold’s payout ratio is 30.08%.

Barrick Gold declared that its Board of Directors has authorized a stock repurchase 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 generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on B shares. Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price target for the company from $21.00 to $18.00 in a research note on Monday, January 27th. Stifel Canada raised shares of Barrick Gold to a “strong-buy” rating in a research note on Wednesday, March 19th. BMO Capital Markets started coverage on shares of Barrick Gold in a research note on Wednesday, April 16th. They issued a “market perform” rating on the stock. Citigroup dropped their price target on shares of Barrick Gold from $21.00 to $17.00 and set a “neutral” rating on the stock in a research note on Monday, March 31st. Finally, Scotiabank lifted their price target on shares of Barrick Gold from $20.00 to $22.00 and gave the company a “sector perform” rating in a research note on Monday, April 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.05.

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.