Barrick Gold (NYSE:GOLD) Trading Up 2.2% – Should You Buy?

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price rose 2.2% during mid-day trading on Thursday . The company traded as high as $20.47 and last traded at $20.38. Approximately 4,191,965 shares were traded during trading, a decline of 80% from the average daily volume of 20,989,984 shares. The stock had previously closed at $19.94.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GOLD. UBS Group lifted their price target on shares of Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday. Royal Bank of Canada boosted their target price 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. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Thursday, August 29th. Jefferies Financial Group boosted their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Scotiabank lifted their price target on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Barrick Gold has an average rating of “Moderate Buy” and an average price target of $23.60.

Barrick Gold Trading Up 2.4 %

The business’s fifty day moving average is $19.92 and its two-hundred day moving average is $18.18. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. The firm has a market cap of $35.77 billion, a price-to-earnings ratio of 24.85, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.19 earnings per share. Equities analysts anticipate that Barrick Gold Corp will post 1.27 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio is 48.78%.

Institutional Investors Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Exchange Traded Concepts LLC increased 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 worth $28,000 after purchasing an additional 935 shares in the last quarter. Clean Yield Group acquired a new stake in Barrick Gold in the 1st quarter valued at approximately $25,000. Crewe Advisors LLC lifted its stake in Barrick Gold by 628.8% in the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after acquiring an additional 1,572 shares in the last quarter. Jackson Grant Investment Advisers Inc. acquired a new position in Barrick Gold during the 2nd quarter worth approximately $32,000. Finally, LRI Investments LLC bought a new position in shares of Barrick Gold during the 1st quarter worth approximately $37,000. 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.