Barrick Gold (NYSE:GOLD) Stock Price Up 0.2% Following Analyst Upgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shares were up 0.2% during mid-day trading on Wednesday after Berenberg Bank raised their price target on the stock from $37.00 to $38.00. The company traded as high as $17.75 and last traded at $17.60. Approximately 4,458,735 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 21,508,420 shares. The stock had previously closed at $17.56.

Several other equities research analysts also recently issued reports on the company. Cibc World Mkts downgraded Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Thursday, August 29th. TD Securities reduced their target price on shares of Barrick Gold from $26.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Finally, Scotiabank cut their price objective on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research report on Monday. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.91.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds have recently added to or reduced their stakes in GOLD. Ritholtz Wealth Management increased its holdings in Barrick Gold by 2.8% in the 3rd quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock valued at $361,000 after buying an additional 502 shares during the period. Greenleaf Trust boosted its position in shares of Barrick Gold by 2.1% during the 3rd quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock worth $510,000 after acquiring an additional 540 shares in the last quarter. Moors & Cabot Inc. increased its stake in Barrick Gold by 0.9% in the third quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after acquiring an additional 579 shares during the last quarter. Chelsea Counsel Co. raised its position in Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after purchasing an additional 590 shares in the last quarter. Finally, Silverlake Wealth Management LLC raised its position in Barrick Gold by 1.3% during the third quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock valued at $992,000 after purchasing an additional 628 shares in the last quarter. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Up 0.2 %

The firm has a 50 day simple moving average of $19.36 and a two-hundred day simple moving average of $18.54. The stock has a market capitalization of $30.77 billion, a P/E ratio of 18.92, a PEG ratio of 0.42 and a beta of 0.56. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Barrick Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

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.