Barrick Gold (NYSE:GOLD) Stock Price Down 2.1% - Here's What Happened

Barrick Gold Corp (NYSE:GOLD - Get Free Report) TSE: ABX shares were down 2.1% during mid-day trading on Friday . The stock traded as low as $18.77 and last traded at $19.01. Approximately 4,890,830 shares traded hands during trading, a decline of 77% from the average daily volume of 21,649,209 shares. The stock had previously closed at $19.41.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on GOLD shares. Stifel Canada upgraded Barrick Gold to a "strong-buy" rating in a research report on Wednesday, March 19th. National Bank Financial raised shares of Barrick Gold to a "hold" rating in a research note on Friday, March 21st. Raymond James increased their price target on shares of Barrick Gold from $23.00 to $23.50 and gave the company an "outperform" rating in a research report on Monday, March 31st. BMO Capital Markets began coverage on shares of Barrick Gold in a research report on Wednesday, April 16th. They issued a "market perform" rating on the stock. Finally, StockNews.com upgraded shares of Barrick Gold from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 5th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Barrick Gold presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.05.

Barrick Gold Stock Down 2.1 %

The stock has a market capitalization of $32.48 billion, a PE ratio of 15.36, a P/E/G ratio of 0.44 and a beta of 0.55. The stock's 50-day moving average price is $18.96 and its two-hundred day moving average price is $17.90. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.15 and a current ratio of 2.89.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last announced its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, meeting analysts' consensus estimates of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. As a group, analysts expect that Barrick Gold Corp will post 1.47 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Friday, February 28th. Barrick Gold's dividend payout ratio (DPR) is 32.52%.

Barrick Gold declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 12th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the gold and copper producer to repurchase up to 3.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds have recently bought and sold shares of the company. Crowley Wealth Management Inc. bought a new position in shares of Barrick Gold in the fourth quarter worth approximately $26,000. Vega Investment Solutions bought a new position in Barrick Gold in the 4th quarter valued at approximately $31,000. Nexus Investment Management ULC purchased a new stake in Barrick Gold during the 1st quarter valued at $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Barrick Gold in the 4th quarter worth $37,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Barrick Gold in the fourth quarter worth $39,000. Institutional investors 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.