Barrick Gold (NYSE:GOLD) Trading Up 1.4% Following Dividend Announcement

Barrick Gold Corp (NYSE:GOLD - Get Free Report) TSE: ABX's share price shot up 1.4% during mid-day trading on Wednesday after the company announced a dividend. The stock traded as high as $19.34 and last traded at $19.50. 9,908,151 shares were traded during mid-day trading, a decline of 54% from the average session volume of 21,489,699 shares. The stock had previously closed at $19.23.The newly announced dividend which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.05%. Barrick Gold's payout ratio is 32.52%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. National Bank Financial upgraded Barrick Gold to a "hold" rating in a research note on Friday, March 21st. Bank of America downgraded shares of Barrick Gold from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $21.00 to $18.00 in a research note on Monday, January 27th. National Bankshares restated an "outperform" rating on shares of Barrick Gold in a research note on Wednesday, April 2nd. Scotiabank lifted their price objective on shares of Barrick Gold from $20.00 to $22.00 and gave the company a "sector perform" rating in a research note on Monday, April 14th. Finally, Citigroup lowered their target price 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. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $24.05.

Barrick Gold Trading Up 1.5 %

The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. The company's 50 day moving average price is $19.01 and its two-hundred day moving average price is $17.85. The firm has a market cap of $33.55 billion, a PE ratio of 15.81, 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 quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. As a group, sell-side analysts forecast that Barrick Gold Corp will post 1.47 EPS for the current year.

Barrick Gold declared that its board has initiated a share buyback plan on Wednesday, February 12th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the gold and copper producer to purchase up to 3.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Barrick Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in GOLD. TD Asset Management Inc boosted its stake in Barrick Gold by 1.6% in 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 purchasing an additional 275,015 shares in the last quarter. Mediolanum International Funds Ltd grew its stake in Barrick Gold by 13.7% in the 1st quarter. Mediolanum International Funds Ltd now owns 147,410 shares of the gold and copper producer's stock valued at $2,826,000 after acquiring an additional 17,719 shares during the period. Skandinaviska Enskilda Banken AB publ increased its holdings in Barrick Gold by 0.9% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 237,119 shares of the gold and copper producer's stock worth $4,610,000 after acquiring an additional 2,200 shares in the last quarter. Phoenix Financial Ltd. raised its position in Barrick Gold by 72.6% during the first quarter. Phoenix Financial Ltd. now owns 41,500 shares of the gold and copper producer's stock worth $811,000 after acquiring an additional 17,455 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in Barrick Gold by 38.4% in the 1st quarter. Cetera Investment Advisers now owns 198,146 shares of the gold and copper producer's stock worth $3,852,000 after buying an additional 54,976 shares during the last quarter. Hedge funds and other 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.

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