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 stock peaked at $18.23 before closing at $17.94. Approximately 9,745,724 shares were traded during the day, indicating a notable decline in trading volume compared to the average of 19,926,441 shares. The previous closing price was $17.07. Barrick Gold has declared that the newly announced dividend will be paid on Monday, March 17th. Investors on record as of February 28th will receive a dividend of $0.10 per share. This payout translates to an annual dividend of $0.40, offering a yield of 2.21%. Currently, Barrick Gold's payout ratio stands at 43.01%.

Analyst Ratings Changes

Recent reports from various research firms have led to several rating adjustments for Barrick Gold. For instance, CIBC downgraded the company from a "sector outperform" to a "neutral" rating. Similarly, TD Securities lowered its price target from $26.00 to $25.00 while maintaining a "buy" rating. Citigroup adjusted its price target from $23.00 to $17.00, aligning with a neutral evaluation of the stock. Scotiabank also changed its rating from "outperform" to "sector perform" and reduced the target price from $23.00 to $19.00. Lastly, UBS Group decreased its rating from "buy" to "neutral", setting a revised price objective of $22.00. In total, six analysts rate Barrick Gold as a hold, while seven provide a buy recommendation, resulting in a consensus rating of "Moderate Buy" with a target price of $23.83.

Barrick Gold Stock Performance

The company's stock performance reflects a current ratio of 2.65, a quick ratio of 2.06, and a low debt-to-equity ratio of 0.14. Barrick Gold boasts a market capitalization of $31.23 billion and a price-to-earnings ratio of 19.43. The stock's 50-day moving average is $16.18, while the 200-day moving average stands at $18.17. Barrick Gold's last quarterly earnings report, released on February 12th, showed earnings per share (EPS) of $0.46, meeting analysts' expectations. The company's return on equity was reported at 5.82%, and it experienced a net profit margin of 13.19%. Forecasts suggest that Barrick Gold will achieve an EPS of 1.23 for the ongoing fiscal year.

Institutional Investors Weigh In On Barrick Gold

Recent movements among institutional investors indicate increased interest in Barrick Gold. For example, Exchange Traded Concepts LLC raised its stake by 198.1% in the third quarter, acquiring an additional 935 shares, bringing its total to 1,407 shares valued at $28,000. Eastern Bank and Crowley Wealth Management Inc. also invested in Barrick Gold during the third and fourth quarters, respectively. JFS Wealth Advisors LLC significantly increased its position by 451.7% in the third quarter, now owning 1,909 shares valued at $38,000. Overall, approximately 62.85% of Barrick Gold's shares are held by hedge funds and other institutional investors.

Barrick Gold Company Profile

Barrick Gold Corporation is recognized as a leading producer of gold and copper, trading on the New York Stock Exchange under the symbol GOLD, and on the Toronto Stock Exchange as ABX. The company significantly expanded its operations in January 2019 by merging with Randgold Resources and later formed a joint venture in July of the same year, combining its gold mines in Nevada with those of Newmont Corporation, known as Nevada Gold Mines, of which Barrick is the majority owner.

Barrick, Gold, Dividend