Barrick Gold Corp Experiences Surge in Call Options Trading

Barrick Gold Corp (NYSE:GOLD) saw a significant increase in options trading on Thursday. Investors purchased 66,516 call options for the stock, marking a rise of approximately 37% compared to the average daily volume of 48,697 call options.

Barrick Gold Stock Performance

On Thursday, shares of Barrick Gold traded down by $0.48, closing at $20.32. The trading volume reached 29,505,639 shares, which is higher than its average volume of 21,093,443 shares. Currently, the company has a market capitalization of $35.62 billion, with a P/E ratio of 24.74 and a price-to-earnings-growth ratio of 0.47. The stock exhibited a beta of 0.55 and has touched a 1-year low of $13.76, while the 1-year high stands at $21.35. The company's financial ratios include a debt-to-equity ratio of 0.15, a quick ratio of 2.31, and a current ratio of 3.01. The stock's 50-day simple moving average is $20.16 and the 200-day simple moving average is $18.30.

Recent Earnings Announcement

Barrick Gold recently reported its earnings on Monday, August 12th. The gold and copper producer posted an earnings per share (EPS) of $0.32 for the quarter, surpassing analysts' consensus estimates of $0.27 by $0.05. Revenue for the quarter was $3.16 billion, which exceeded expectations of $3.13 billion. The company's return on equity stood at 5.53% with a net margin of 12.78%. Compared to the same quarter last year, Barrick Gold saw an 11.6% increase in revenue. Last year, during the same quarter, the firm earned $0.19 in EPS. Analysts predict that Barrick Gold will report an EPS of 1.27 for the current financial year.

Barrick Gold Dividend Details

The company also announced a quarterly dividend that was paid on Monday, September 16th. Shareholders who were on record as of Friday, August 30th received a dividend of $0.10 per share. The ex-dividend date was also set on Friday, August 30th. This results in an annualized dividend of $0.40, yielding 1.97%. The company's dividend payout ratio is currently 48.78%.

Institutional Investment Activity

In recent times, several institutional investors and hedge funds have adjusted their positions in Barrick Gold. First Eagle Investment Management LLC increased its stake by 31.6% in the first quarter, owning a total of 58,820,050 shares worth $978,766,000 after acquiring an extra 14,138,639 shares during the period. EdgePoint Investment Group Inc. has also raised its ownership in Barrick Gold by 38.8% and now holds 18,170,814 shares valued at $302,366,000 after purchasing an additional 5,080,510 shares last quarter. Furthermore, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp expanded its holdings in Barrick Gold by a staggering 4,713.3% in the second quarter, totaling 4,144,456 shares worth $69,141,000. Overall, institutional investors own 62.85% of Barrick Gold shares.

Analyst Ratings Update

Various research firms have weighed in on Barrick Gold stock. Argus upgraded the company from a "hold" to a "buy" rating and set a price target of $24.00 on Thursday, August 29th. UBS Group raised their price target on Barrick Gold from $22.00 to $23.00 and reaffirmed a "buy" rating on October 15th. Similarly, CIBC elevated their target from $23.00 to $27.00 and assigned an "outperformer" rating on July 10th. Scotiabank also increased their price target from $23.00 to $25.00 with a "sector outperform" rating on August 19th. Royal Bank of Canada raised their target from $21.00 to $22.00, rating the stock as "outperform" on September 10th. In total, two analysts hold a "hold" rating while nine have issued a "buy" rating for the stock. The consensus rating is a "Moderate Buy" with an average price target of $23.60.

About Barrick Gold Corp

Barrick Gold Corporation is a leading producer of gold and copper. Its shares are traded on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange as ABX. The company merged with Randgold Resources in January 2019 and later formed a joint venture with Newmont Corporation to combine gold operations in Nevada, named Nevada Gold Mines, which is predominantly owned and operated by Barrick.

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