Barrick Gold (NYSE:GOLD) Shares Down 0.5% - Here's What Happened

Barrick Gold Corp (NYSE:GOLD) saw its share price decrease by 0.5% on Friday. The stock reached a low of $16.72 before closing at $16.87. During the day, around 5,854,607 shares were traded, which is a significant drop of 73% compared to the average daily volume of 21,473,098 shares. The previous close had been $16.95.

Analyst Upgrades and Downgrades

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Recent reports from several research analysts have impacted Barrick Gold's stock performance. On November 25th, Scotiabank lowered its price target for Barrick Gold from $24.00 to $23.00, maintaining a "sector outperform" rating. On October 30th, UBS Group reduced its rating from "buy" to "neutral," dropping the price target from $23.00 to $22.00. Royal Bank of Canada raised its price target from $21.00 to $22.00 and affirmed an "outperform" rating on September 10th. However, Raymond James lowered its price target from $26.00 to $25.00 on November 25th, while CIBC changed its rating from "sector outperform" to "neutral" on the same day. Overall, four analysts rated the stock as a hold while eight analysts suggested it as a buy, resulting in an average rating of "Moderate Buy" with a consensus price target of $25.60 according to MarketBeat.com.

View Our Latest Analysis on GOLD

Barrick Gold Stock Down 1.3 %

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The company's financial ratios indicate some stability, with a debt-to-equity ratio of 0.14, a current ratio of 2.65, and a quick ratio of 2.06. Barrick Gold's stock has a fifty-day moving average price of $18.94 and a two-hundred-day moving average price of $18.52. The overall market capitalization stands at $29.24 billion, with a PE ratio of 18.14 and a price-to-earnings-growth ratio of 0.48. The stock has a beta of 0.53, indicating lower volatility compared to the overall market.

Barrick Gold Announces Dividend

Recently, Barrick Gold announced a quarterly dividend payment scheduled for December 16th. Shareholders on record as of November 29th will receive a $0.10 dividend per share, with the ex-dividend date also set for November 29th. This translates to an annual dividend of $0.40 and a dividend yield of 2.39%. The company’s dividend payout ratio currently stands at 43.01%.

Hedge Funds Weigh In On Barrick Gold

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Several institutional investors and hedge funds have made changes to their holdings in Barrick Gold recently. DCF Advisers LLC increased its position by 48.3% in the second quarter, now holding 107,500 shares valued at approximately $1,793,000 after purchasing an additional 35,000 shares. Meanwhile, Mizuho Markets Americas LLC increased its stake by 21.7% in the third quarter, now owning 2,317,580 shares worth $46,097,000 after acquiring an extra 413,012 shares. Entropy Technologies LP and Aigen Investment Management LP also expanded their respective holdings in Barrick Gold during the third quarter, contributing to the 62.85% of shares owned by hedge funds and institutional investors overall.

Barrick Gold Company Profile

Barrick Gold Corporation is a prominent gold and copper producer, listed on the New York Stock Exchange under the ticker symbol GOLD and on the Toronto Stock Exchange as ABX. The company merged with Randgold Resources in January 2019 and later combined its gold mines in Nevada with those of Newmont Corporation, forming a joint venture known as Nevada Gold Mines, which is primarily operated by Barrick.

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Should you invest $1,000 in Barrick Gold right now?

Before considering an investment in Barrick Gold, it is advised to research thoroughly. Analysts have identified multiple stocks that they believe represent better opportunities compared to Barrick Gold. At present, Barrick Gold holds a "Moderate Buy" rating among analysts.

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