Barrick Gold (NYSE:B) Sees Large Volume Increase - Still a Buy?

Barrick Gold Corp (NYSE:B - Get Free Report) TSE: ABX shares saw unusually-strong trading volume on Tuesday . Approximately 5,449,088 shares changed hands during trading, an increase of 174% from the previous session's volume of 1,985,581 shares.The stock last traded at $19.95 and had previously closed at $20.32.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. TD Securities reduced their price target on Barrick Gold from $24.00 to $23.00 and set a "buy" rating for the company in a report on Thursday, February 13th. UBS Group increased their price target on shares of Barrick Gold from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, April 11th. Stifel Canada upgraded shares of Barrick Gold to a "strong-buy" rating in a research note on Wednesday, March 19th. Citigroup decreased their price objective on shares of Barrick Gold from $21.00 to $17.00 and set a "neutral" rating on the stock in a report on Monday, March 31st. Finally, National Bank Financial raised shares of Barrick Gold to a "hold" rating in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Barrick Gold currently has an average rating of "Moderate Buy" and an average price target of $24.32.

Barrick Gold Trading Up 0.2%

The business's 50-day simple moving average is $19.04 and its two-hundred day simple moving average is $17.83. 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 market capitalization of $34.61 billion, a PE ratio of 16.37, a PEG ratio of 0.44 and a beta of 0.25.

Barrick Gold (NYSE:B - Get Free Report) TSE: ABX last issued its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the prior year, the business posted $0.19 earnings per share. Barrick Gold's revenue for the quarter was up 13.9% on a year-over-year basis. On average, analysts predict that Barrick Gold Corp will post 1.47 earnings per share for the current year.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Friday, May 30th. Barrick Gold's dividend payout ratio (DPR) is currently 30.08%.

Barrick Gold announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the gold and copper producer to buy up to 3.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Barrick Gold

Several hedge funds and other institutional investors have recently modified their holdings of B. Farther Finance Advisors LLC lifted its stake in Barrick Gold by 21.8% during the first quarter. Farther Finance Advisors LLC now owns 3,146 shares of the gold and copper producer's stock worth $62,000 after purchasing an additional 563 shares during the last quarter. Sapient Capital LLC boosted its holdings in shares of Barrick Gold by 0.5% in the 1st quarter. Sapient Capital LLC now owns 114,572 shares of the gold and copper producer's stock valued at $2,227,000 after buying an additional 624 shares during the period. Kestra Private Wealth Services LLC grew its position in shares of Barrick Gold by 2.5% during the 1st quarter. Kestra Private Wealth Services LLC now owns 28,724 shares of the gold and copper producer's stock valued at $558,000 after buying an additional 710 shares during the last quarter. Nicholas Hoffman & Company LLC. raised its stake in Barrick Gold by 1.5% during the first quarter. Nicholas Hoffman & Company LLC. now owns 47,544 shares of the gold and copper producer's stock worth $924,000 after acquiring an additional 716 shares during the period. Finally, Keystone Financial Group lifted its holdings in shares of Barrick Gold by 1.4% in the 4th quarter. Keystone Financial Group now owns 56,394 shares of the gold and copper producer's stock worth $874,000 after purchasing an additional 753 shares during the last quarter. Institutional investors own 90.82% of the company's stock.

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.