Barrick Gold Corp (NYSE:GOLD – Get Rating) (TSE:ABX) was the target of a significant decrease in short interest in the month of April. As of April 30th, there was short interest totalling 14,350,000 shares, a decrease of 19.8% from the April 15th total of 17,890,000 shares. Based on an average daily volume of 23,340,000 shares, the days-to-cover ratio is currently 0.6 days. Currently, 0.8% of the shares of the stock are short sold.
Institutional investors and hedge funds have recently made changes to their positions in the company. Wahed Invest LLC purchased a new position in shares of Barrick Gold during the first quarter valued at approximately $179,000. Continuum Advisory LLC bought a new position in Barrick Gold in the 1st quarter valued at $1,006,000. Advisors Asset Management Inc. increased its stake in Barrick Gold by 2.3% in the first quarter. Advisors Asset Management Inc. now owns 68,006 shares of the gold and copper producer’s stock worth $1,668,000 after purchasing an additional 1,517 shares during the period. Lido Advisors LLC bought a new stake in shares of Barrick Gold during the first quarter worth $230,000. Finally, Beacon Pointe Advisors LLC boosted its stake in shares of Barrick Gold by 344.8% during the first quarter. Beacon Pointe Advisors LLC now owns 122,770 shares of the gold and copper producer’s stock valued at $3,012,000 after purchasing an additional 95,169 shares during the period. 57.62% of the stock is currently owned by institutional investors and hedge funds.
GOLD has been the topic of a number of recent analyst reports. Raymond James set a $31.00 price target on Barrick Gold and gave the company an “outperform” rating in a report on Thursday, May 5th. Barclays boosted their price target on Barrick Gold from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, April 21st. Jefferies Financial Group lifted their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, March 9th. Sanford C. Bernstein lowered shares of Barrick Gold from an “outperform” rating to a “market perform” rating in a research report on Monday, April 25th. Finally, National Bank Financial lifted their price target on shares of Barrick Gold from C$29.00 to C$38.00 in a report on Wednesday, April 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold currently has an average rating of “Buy” and a consensus price target of $29.92.
Barrick Gold (NYSE:GOLD – Get Rating) (TSE:ABX) last announced its earnings results on Wednesday, May 4th. The gold and copper producer reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $2.85 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Barrick Gold had a return on equity of 6.42% and a net margin of 16.87%. The company’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 EPS. On average, research analysts forecast that Barrick Gold will post 1.15 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Friday, May 27th will be given a dividend of $0.20 per share. This is a boost from Barrick Gold’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, May 26th. This represents a $0.80 dividend on an annualized basis and a yield of 4.05%. Barrick Gold’s payout ratio is 35.09%.
About Barrick Gold (Get Rating)
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.
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