Barrick Gold (NYSE:GOLD) Trading 2% Higher – Here’s Why

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) shot up 2% on Tuesday . The stock traded as high as $17.72 and last traded at $17.55. 7,891,310 shares were traded during trading, a decline of 63% from the average session volume of 21,407,131 shares. The stock had previously closed at $17.20.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Scotiabank decreased their price objective on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a report on Friday, November 8th. Royal Bank of Canada upped their target price on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Raymond James reduced their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Finally, TD Securities decreased their price target on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Trading Up 3.2 %

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 stock has a market cap of $31.03 billion, a price-to-earnings ratio of 18.87, a P/E/G ratio of 0.39 and a beta of 0.56. The business’s 50 day moving average is $19.65 and its 200 day moving average is $18.49.

Barrick Gold Announces Dividend

The firm also recently announced 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. This represents a $0.40 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GOLD. Kingsview Wealth Management LLC acquired a new stake in Barrick Gold during the 1st quarter worth $190,000. Orion Portfolio Solutions LLC grew its stake in Barrick Gold by 6.0% during the 1st quarter. Orion Portfolio Solutions LLC now owns 82,133 shares of the gold and copper producer’s stock worth $1,367,000 after buying an additional 4,652 shares during the last quarter. Intech Investment Management LLC acquired a new position in Barrick Gold during the first quarter worth approximately $697,000. Vanguard Group Inc. boosted its holdings in shares of Barrick Gold by 1.7% in the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after acquiring an additional 1,089,572 shares during the period. Finally, Acadian Asset Management LLC grew its position in shares of Barrick Gold by 262.6% during the first quarter. Acadian Asset Management LLC now owns 47,500 shares of the gold and copper producer’s stock worth $789,000 after acquiring an additional 34,400 shares during the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

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.