Barrick Gold (NYSE:GOLD) Stock Price Down 5.5% After Analyst Downgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price fell 5.5% during trading on Monday after TD Securities lowered their price target on the stock from $27.00 to $26.00. TD Securities currently has a buy rating on the stock. Barrick Gold traded as low as $17.39 and last traded at $17.39. 8,654,659 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 21,181,365 shares. The stock had previously closed at $18.40.

A number of other equities analysts have also recently commented on GOLD. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $23.00 to $22.00 in a research report on Wednesday, October 30th. Jefferies Financial Group raised their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Raymond James decreased their target price 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. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Thursday, August 29th. Finally, Scotiabank decreased their price target 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. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus target price of $23.90.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Empowered Funds LLC purchased a new stake in shares of Barrick Gold in the first quarter valued at about $2,351,000. Sei Investments Co. increased its stake in shares of Barrick Gold by 9.5% in the first quarter. Sei Investments Co. now owns 685,876 shares of the gold and copper producer’s stock worth $11,413,000 after purchasing an additional 59,456 shares in the last quarter. Headlands Technologies LLC increased its stake in shares of Barrick Gold by 56.2% in the first quarter. Headlands Technologies LLC now owns 18,730 shares of the gold and copper producer’s stock worth $312,000 after purchasing an additional 6,740 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Barrick Gold by 7.2% in the first quarter. Russell Investments Group Ltd. now owns 2,268,534 shares of the gold and copper producer’s stock worth $37,754,000 after purchasing an additional 151,458 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its stake in shares of Barrick Gold by 10.3% in the first quarter. Bleakley Financial Group LLC now owns 24,121 shares of the gold and copper producer’s stock worth $401,000 after purchasing an additional 2,245 shares in the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Price Performance

The stock has a market cap of $30.42 billion, a PE ratio of 18.71, a P/E/G ratio of 0.43 and a beta of 0.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31. The firm’s 50 day moving average price is $19.95 and its two-hundred day moving average price is $18.49.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a net margin of 13.19% and a return on equity of 5.85%. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the business earned $0.19 earnings per share. Barrick Gold’s revenue was up 11.6% compared to the same quarter last year. On average, research analysts expect that Barrick Gold Corp will post 1.29 earnings per share for the current year.

Barrick Gold Announces Dividend

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 $0.10 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.30%. Barrick Gold’s dividend payout ratio (DPR) is currently 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.