Barrick Gold (NYSE:GOLD) Stock Price Down 2.1% – Here’s What Happened

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shares were down 2.1% during mid-day trading on Thursday . The company traded as low as $16.97 and last traded at $17.00. Approximately 6,298,780 shares traded hands during trading, a decline of 71% from the average daily volume of 21,435,568 shares. The stock had previously closed at $17.37.

Wall Street Analyst Weigh In

Several research analysts recently commented on GOLD shares. Scotiabank reduced their target price on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. CIBC lowered shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Royal Bank of Canada increased their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Raymond James decreased their price objective on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. Finally, Jefferies Financial Group increased their target price on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average price target of $25.60.

Barrick Gold Trading Down 1.1 %

The company has a market cap of $29.31 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth 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 business has a 50 day simple moving average of $18.94 and a 200 day simple moving average of $18.52.

Barrick Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s dividend payout ratio is currently 43.01%.

Hedge Funds Weigh In On Barrick Gold

Large investors have recently modified their holdings of the stock. Ritholtz Wealth Management raised its position 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 worth $361,000 after purchasing an additional 502 shares during the last quarter. Greenleaf Trust raised its position in shares of Barrick Gold by 2.1% during the third 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 during the last quarter. Moors & Cabot Inc. lifted its stake in shares of Barrick Gold by 0.9% during 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 period. Chelsea Counsel Co. boosted its holdings in Barrick Gold by 1.4% in the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after acquiring an additional 590 shares during the last quarter. Finally, Silverlake Wealth Management LLC boosted its holdings in Barrick Gold by 1.3% in 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 acquiring an additional 628 shares during the last quarter. 62.85% of the stock is currently owned by institutional investors and hedge funds.

About Barrick Gold

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.