Barrick Gold (NYSE:GOLD) Shares Up 2.4% – Here’s Why

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shot up 2.4% during mid-day trading on Tuesday . The company traded as high as $17.64 and last traded at $17.63. 3,985,905 shares traded hands during trading, a decline of 81% from the average session volume of 21,452,266 shares. The stock had previously closed at $17.21.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GOLD shares. Jefferies Financial Group raised their price target on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Berenberg Bank raised their price target on Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. TD Securities cut their price objective on shares of Barrick Gold from $26.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Scotiabank cut their price objective on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a report on Monday, November 25th. Finally, Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, August 29th. Four equities 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.60.

Barrick Gold Trading Up 2.1 %

The stock has a market cap of $30.71 billion, a P/E ratio of 18.96, a PEG ratio of 0.48 and a beta of 0.53. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The firm’s fifty day moving average price is $19.14 and its two-hundred day moving average price is $18.54.

Barrick Gold Dividend Announcement

The company 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. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 annualized dividend and a dividend yield of 2.28%. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Exchange Traded Concepts LLC raised its holdings in Barrick Gold by 198.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after buying an additional 935 shares during the last quarter. Crewe Advisors LLC grew its stake in shares of Barrick Gold by 628.8% in the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. purchased a new position in Barrick Gold during the 2nd quarter valued at about $32,000. Eastern Bank purchased a new stake in Barrick Gold in the 3rd quarter worth approximately $32,000. Finally, JFS Wealth Advisors LLC increased its stake in shares of Barrick Gold by 451.7% during the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock valued at $38,000 after buying an additional 1,563 shares during the period. 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.