Barrick Gold (NYSE:GOLD) Shares Gap Down After Analyst Downgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s stock price gapped down before the market opened on Monday after Scotiabank lowered their price target on the stock from $24.00 to $23.00. The stock had previously closed at $18.22, but opened at $17.57. Scotiabank currently has a sector outperform rating on the stock. Barrick Gold shares last traded at $17.43, with a volume of 2,195,518 shares.

Several other research firms have also issued reports on GOLD. Jefferies Financial Group boosted 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. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, August 29th. CIBC lowered shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Royal Bank of Canada lifted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, Raymond James decreased their price target on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clean Yield Group purchased a new stake in shares of Barrick Gold during the 1st quarter valued at approximately $25,000. Exchange Traded Concepts LLC grew its holdings in shares of 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 valued at $28,000 after purchasing an additional 935 shares during the last quarter. Crewe Advisors LLC grew its holdings in shares of Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after purchasing an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. purchased a new stake in Barrick Gold during the 2nd quarter valued at $32,000. Finally, Eastern Bank purchased a new stake in Barrick Gold during the 3rd quarter valued at $32,000. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Gold Stock Performance

The company’s 50-day moving average price is $19.42 and its 200 day moving average price is $18.53. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The stock has a market capitalization of $30.92 billion, a PE ratio of 19.02, a PEG ratio of 0.43 and a beta of 0.56.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.26%. 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.