Barrick Gold (NYSE:GOLD) Stock Price Down 3.6% After Analyst Downgrade

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX)’s share price was down 3.6% during trading on Monday after TD Securities lowered their price target on the stock from $26.00 to $25.00. TD Securities currently has a buy rating on the stock. Barrick Gold traded as low as $17.37 and last traded at $17.56. Approximately 6,697,085 shares changed hands during trading, a decline of 69% from the average daily volume of 21,478,600 shares. The stock had previously closed at $18.22.

Several other equities research analysts have also issued reports on the company. Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday. Jefferies Financial Group upped their price target on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Scotiabank lowered their price objective on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research note on Monday. CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Finally, Raymond James reduced their target price on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Monday. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average target price of $24.91.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GOLD. DCF Advisers LLC lifted its stake in shares of Barrick Gold by 48.3% in the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock valued at $1,793,000 after purchasing an additional 35,000 shares during the last quarter. Mizuho Markets Americas LLC lifted its position in Barrick Gold by 21.7% in the third quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer’s stock worth $46,097,000 after buying an additional 413,012 shares during the last quarter. Entropy Technologies LP purchased a new position in Barrick Gold during the third quarter worth $3,711,000. Aigen Investment Management LP increased its position in Barrick Gold by 330.5% during the third quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer’s stock valued at $1,974,000 after acquiring an additional 76,186 shares during the last quarter. Finally, Evexia Wealth LLC purchased a new stake in shares of Barrick Gold in the third quarter valued at $2,382,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Price Performance

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 company has a market capitalization of $30.70 billion, a P/E ratio of 18.88, a P/E/G ratio of 0.43 and a beta of 0.56. The firm’s fifty day moving average is $19.36 and its 200 day moving average is $18.54.

Barrick Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s payout ratio 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.