Barrick Gold Shares Rise 5.1% After Dividend Announcement

Barrick Gold Corp (NYSE:GOLD) saw its shares increase by 5.1% on Wednesday following the announcement of a new dividend. The company’s stock peaked at $18.23 before finishing the day at $17.94. During trading, about 9,745,724 shares were exchanged, which is a significant drop of 51% from the average daily volume of 19,926,441 shares. The previous closing price was $17.07.

The newly declared dividend is set to be paid on Monday, March 17th, to investors of record as of Friday, February 28th. Shareholders will receive a dividend of $0.10 per share, translating to a total annualized dividend of $0.40. This results in a dividend yield of 2.21%. Currently, Barrick Gold’s payout ratio stands at 43.01%.

Recent Analyst Ratings Changes

A variety of research firms have updated their positions on Barrick Gold recently. CIBC downgraded the shares from a "sector outperform" to a "neutral" rating in a report dated November 25th. TD Securities lowered their price target from $26.00 to $25.00 while maintaining a "buy" rating in a note released on November 26th. Citigroup also adjusted its price target from $23.00 to $17.00 and rated the stock as "neutral" in a research note published on December 20th.

Additionally, Scotiabank decreased its rating from "outperform" to "sector perform" and revised its target price from $23.00 to $19.00 in a report dated January 30th. Lastly, UBS Group lowered their rating from "buy" to "neutral" with a price objective revised down from $23.00 to $22.00, released on October 30th.

Overall, six analysts assess the stock as a hold, while seven recommend a buy, leading to a consensus rating of "Moderate Buy" with an average target price set at $23.83 according to MarketBeat data.

Barrick Gold Stock Performance Insight

Currently, Barrick Gold has a current ratio of 2.65, a quick ratio of 2.06, and a healthy debt-to-equity ratio of 0.14. The company boasts a market capitalization of $31.23 billion with a price-to-earnings ratio of 19.43 and a PEG ratio of 0.39. The stock’s 50-day moving average is positioned at $16.18, while its 200-day moving average is at $18.17.

On February 12th, Barrick Gold reported its quarterly earnings, revealing earnings per share (EPS) of $0.46, effectively matching market expectations. The company achieved a return on equity of 5.82% and a net margin of 13.19%. Analysts project that Barrick Gold Corp will report earnings of $1.23 per share for the ongoing fiscal year.

Institutional Investors Adjust Holdings in Barrick Gold

Recent changes from institutional investors indicate growing interest in Barrick Gold. Exchange Traded Concepts LLC increased its stake by 198.1% in the third quarter, now holding 1,407 shares valued at $28,000 after purchasing an additional 935 shares.

Eastern Bank also made a new investment in Barrick Gold, valued at $32,000 in the third quarter, while Crowley Wealth Management Inc. established a new position in the same period worth $26,000. Furthermore, JFS Wealth Advisors LLC expanded its holdings by 451.7%, now owning 1,909 shares valued at $38,000.

Overall, approximately 62.85% of Barrick Gold’s stock is held by hedge funds and institutional investors, reflecting a strong institutional interest in the company.

Overview of Barrick Gold Corporation

Barrick Gold Corporation stands as a leading producer of gold and copper. The company’s shares are traded on the New York Stock Exchange under the symbol GOLD, as well as the Toronto Stock Exchange under the symbol ABX. Notably, Barrick Gold merged with Randgold Resources in January 2019, and in July of the same year, it formed a joint venture called Nevada Gold Mines with Newmont Corporation, which Barrick operates predominantly.

Barrick, Gold, dividend