Barrick Gold (NYSE:GOLD) Stock Price Down 2.5% - Here's What Happened

Barrick Gold Corp (NYSE:GOLD) saw its stock price decline by 2.5% during trading on Thursday. The stock fluctuated, reaching a low of $20.28 before settling at $20.29. In total, around 5,965,670 shares were traded, marking a significant drop of 72% from the average daily trading volume of 20,981,551 shares. The previous close for the stock stood at $20.80.

Analyst Ratings Changes

• Gold Prices Hit Record Highs: Is It Time to Buy or Take Profits?

Recently, various equity research analysts have provided updates on Barrick Gold's shares. The Royal Bank of Canada raised its price target from $21.00 to $22.00 and assigned an "outperform" rating in a report released on September 10. Argus upgraded Barrick Gold from a "hold" to a "buy" rating and set a target price of $24.00 on August 29. Meanwhile, Raymond James decreased its target price from $26.50 to $26.00 while maintaining an "outperform" rating on September 26. CIBC increased its price target from $23.00 to $27.00 and categorized the stock as an "outperformer" in a July report. Likewise, Jefferies Financial Group raised its target from $23.00 to $24.00 with a "buy" rating on September 13. Currently, two analysts have rated the stock as a "hold," while nine have given it a "buy" rating. According to MarketBeat.com, the average rating for Barrick Gold is "Moderate Buy," with an average price target of $23.60.

Get Our Latest Report on Barrick Gold

Company Performance

• Bank of America Sees Gold as the Last Safe Haven: Top 3 Picks

The company's fifty-day simple moving average stands at $20.16, while the 200-day simple moving average is $18.30. Barrick Gold has a market capitalization of $35.23 billion, with a price-to-earnings ratio of 24.74, a PEG ratio of 0.47, and a beta of 0.55. Additionally, the firm holds a current ratio of 3.01, a quick ratio of 2.31, and a debt-to-equity ratio of 0.15.

Barrick Gold recently announced its quarterly earnings results, revealing that for the quarter ending August 12, the company earned $0.32 per share, surpassing analysts' consensus expectations of $0.27 by $0.05. With revenues of $3.16 billion for the quarter, Barrick exceeded predictions of $3.13 billion. The company achieved a return on equity of 5.53% and a net margin of 12.78%, with quarterly revenue reflecting an 11.6% increase year-over-year. During the same timeframe last year, Barrick earned $0.19 per share. Analysts project that Barrick Gold Corp will report earnings of $1.27 per share for the current year.

Barrick Gold Dividend Announcement

• Ready for Growth? Barrick Gold Stock Could Be the Answer

The company declared a quarterly dividend that was paid on September 16. Shareholders on record as of August 30 received a dividend of $0.10. The ex-dividend date was also August 30, and this results in an annualized dividend of $0.40 with a yield of 1.99%. Barrick Gold currently maintains a dividend payout ratio of 48.78%.

Institutional Investors Activity

Numerous hedge funds and other institutional investors have recently adjusted their holdings of Barrick Gold. For instance, the Vanguard Group Inc. increased its stake in the company by 1.7% during the first quarter, now owning 64,761,067 shares worth approximately $1,077,624,000 after acquiring an additional 1,089,572 shares. First Eagle Investment Management LLC boosted its stake in Barrick Gold by 31.6% in the same quarter, owning 58,820,050 shares valued at $978,766,000 after purchasing an extra 14,138,639 shares. EdgePoint Investment Group Inc. raised its holdings by 3.7% during the second quarter and now owns 18,837,028 shares worth $314,254,000. National Bank of Canada FI increased its stake by 9.0% in the first quarter, owning 14,887,656 shares valued at $251,929,000 after acquiring 1,231,184 additional shares. Finally, CIBC Asset Management Inc raised its holdings by 3.3% in the second quarter, now possessing 14,546,530 shares valued at $242,491,000 after purchasing an additional 461,406 shares. Currently, institutional investors and hedge funds hold approximately 62.85% of Barrick Gold's stock.

Company Overview

Barrick Gold Corporation operates as a leading gold and copper producer globally. The company trades on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange as ABX. Notably, Barrick merged with Randgold Resources in January 2019 and subsequently formed a joint venture, Nevada Gold Mines, by combining its Nevada mines with those of Newmont Corporation, which it majority-owns and operates.

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This news report was generated swiftly using advanced technology and financial data to provide readers with accurate updates.

Investment Consideration

If you are contemplating investing $1,000 in Barrick Gold, keep in mind that various analysts have identified alternative investments that may offer better prospects. While Barrick Gold has a "Moderate Buy" rating from analysts, some top analysts highlight five different stocks that could be more promising investments.

Stay informed on future investment opportunities and market trends.

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