Barrick Gold (NYSE:GOLD) Shares Down 0.2% - Here's What Happened

Barrick Gold Corp (NYSE:GOLD - Get Free Report) TSE: ABX shares fell 0.2% on Friday . The company traded as low as $18.32 and last traded at $18.34. 5,191,404 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 23,728,842 shares. The stock had previously closed at $18.37.

Analyst Upgrades and Downgrades

Several analysts recently commented on GOLD shares. Citigroup lowered their price objective on shares of Barrick Gold from $21.00 to $17.00 and set a "neutral" rating on the stock in a research report on Monday, March 31st. National Bankshares reiterated an "outperform" rating on shares of Barrick Gold in a report on Wednesday, April 2nd. TD Securities lowered their target price on Barrick Gold from $24.00 to $23.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Royal Bank of Canada lifted their price target on Barrick Gold from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Friday, April 4th. Finally, BMO Capital Markets started coverage on shares of Barrick Gold in a research report on Wednesday, April 16th. They set a "market perform" rating on the stock. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.05.

Barrick Gold Stock Performance

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 firm's fifty day moving average price is $19.01 and its 200-day moving average price is $17.85. The company has a market cap of $33.15 billion, a P/E ratio of 15.65, a P/E/G ratio of 0.44 and a beta of 0.25.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last issued its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. As a group, research analysts forecast that Barrick Gold Corp will post 1.47 EPS for the current fiscal 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 issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.07%. Barrick Gold's payout ratio is presently 32.52%.

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

Institutional Investors Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in shares of Barrick Gold by 2.1% in the 4th quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer's stock valued at $1,182,641,000 after buying an additional 1,563,361 shares during the period. Vanguard Group Inc. raised its holdings in Barrick Gold by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 68,358,533 shares of the gold and copper producer's stock worth $1,060,036,000 after purchasing an additional 1,195,585 shares during the last quarter. Wellington Management Group LLP lifted its position in Barrick Gold by 17.5% during the 4th quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer's stock valued at $996,802,000 after purchasing an additional 9,598,292 shares during the period. Capital International Investors boosted its stake in shares of Barrick Gold by 136.1% in the 4th quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer's stock valued at $516,055,000 after purchasing an additional 19,189,830 shares during the last quarter. Finally, TD Asset Management Inc grew its position in shares of Barrick Gold by 1.6% during the 1st quarter. TD Asset Management Inc now owns 17,950,892 shares of the gold and copper producer's stock worth $348,479,000 after buying an additional 275,015 shares during the period. Institutional investors and hedge funds own 62.85% of the company's stock.

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.