Barrick Gold (NYSE:GOLD) Trading Down 2.1% - Here's Why

Barrick Gold Corp (NYSE:GOLD - Get Free Report) TSE: ABX shares were down 2.1% on Friday . The company traded as low as $18.77 and last traded at $19.01. Approximately 4,890,830 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 21,649,209 shares. The stock had previously closed at $19.41.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GOLD shares. Citigroup dropped their price target on Barrick Gold from $21.00 to $17.00 and set a "neutral" rating for the company in a research report on Monday, March 31st. Stifel Canada raised Barrick Gold to a "strong-buy" rating in a research note on Wednesday, March 19th. Raymond James boosted their price target on shares of Barrick Gold from $23.00 to $23.50 and gave the company an "outperform" rating in a research report on Monday, March 31st. Bank of America lowered shares of Barrick Gold from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $21.00 to $18.00 in a report on Monday, January 27th. Finally, StockNews.com upgraded shares of Barrick Gold from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 5th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $24.05.

Barrick Gold Trading Down 2.0 %

The company has a market cap of $32.71 billion, a PE ratio of 15.46, a P/E/G ratio of 0.44 and a beta of 0.55. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $18.93 and a two-hundred day simple moving average of $17.93.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last released its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. Analysts anticipate that Barrick Gold Corp will post 1.47 EPS for the current year.

Barrick Gold Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Friday, February 28th. Barrick Gold's payout ratio is 32.52%.

Barrick Gold declared that its board has initiated a share repurchase program on Wednesday, February 12th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the gold and copper producer to buy up to 3.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Barrick Gold

Hedge funds have recently modified their holdings of the business. Crowley Wealth Management Inc. acquired a new position in shares of Barrick Gold during the fourth quarter worth about $26,000. Vega Investment Solutions purchased a new stake in shares of Barrick Gold in the fourth quarter valued at approximately $31,000. Nexus Investment Management ULC purchased a new stake in shares of Barrick Gold in the first quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL purchased a new position in Barrick Gold in the fourth quarter worth $37,000. Finally, Ameriflex Group Inc. acquired a new stake in Barrick Gold in the fourth quarter valued at $39,000. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.