Canoe Financial LP Sells 3,659,421 Shares of Barrick Gold Corp (NYSE:GOLD)

Canoe Financial LP reduced its holdings in Barrick Gold Corp (NYSE:GOLD - Free Report) TSE: ABX by 96.8% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 120,000 shares of the gold and copper producer's stock after selling 3,659,421 shares during the quarter. Canoe Financial LP's holdings in Barrick Gold were worth $1,860,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Exchange Traded Concepts LLC raised its position in Barrick Gold by 198.1% during the third 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 in the last quarter. Eastern Bank purchased a new position in shares of Barrick Gold during the 3rd quarter valued at about $32,000. JFS Wealth Advisors LLC lifted its position in Barrick Gold by 451.7% in the 3rd quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer's stock worth $38,000 after buying an additional 1,563 shares during the last quarter. AlphaMark Advisors LLC purchased a new stake in Barrick Gold in the third quarter worth approximately $60,000. Finally, BNP Paribas grew its position in Barrick Gold by 221.7% during the third quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer's stock valued at $62,000 after acquiring an additional 2,113 shares during the last quarter. Hedge funds and other institutional investors own 62.85% of the company's stock.

Barrick Gold Stock Up 1.6 %

Shares of NYSE:GOLD traded up $0.25 during trading on Friday, reaching $16.00. 15,270,538 shares of the stock traded hands, compared to its average volume of 14,353,890. The stock has a 50-day moving average of $16.52 and a two-hundred day moving average of $18.36. Barrick Gold Corp has a 52-week low of $13.76 and a 52-week high of $21.35. The stock has a market cap of $27.62 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 0.28 and a beta of 0.54. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.50%. The ex-dividend date was Friday, November 29th. Barrick Gold's payout ratio is currently 43.01%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Citigroup cut their price objective on shares of Barrick Gold from $23.00 to $17.00 and set a "neutral" rating for the company in a research note on Friday, December 20th. Raymond James cut their price target on shares of Barrick Gold from $26.00 to $25.00 and set an "outperform" rating on the stock in a report on Monday, November 25th. Berenberg Bank upped their price objective on shares of Barrick Gold from $37.00 to $38.00 in a research note on Tuesday, November 26th. Scotiabank cut their price objective on Barrick Gold from $24.00 to $23.00 and set a "sector outperform" rating on the stock in a research report on Monday, November 25th. Finally, CIBC downgraded Barrick Gold from a "sector outperform" rating to a "neutral" rating in a report on Monday, November 25th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $24.82.

Barrick Gold 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.