Barrick Gold Corp (NYSE:GOLD) Sees Significant Growth in Short Interest

Posted by Defense World Staff on Nov 1st, 2023

Barrick Gold Corp (NYSE:GOLD – Get Free Report) (TSE:ABX) was the target of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 37,830,000 shares, an increase of 7.3% from the September 30th total of 35,260,000 shares. Approximately 2.2% of the company’s stock are sold short. Based on an average daily volume of 14,770,000 shares, the days-to-cover ratio is presently 2.6 days.

Analyst Upgrades and Downgrades

GOLD has been the subject of several recent research reports. Cormark raised shares of Barrick Gold from a “market perform” rating to a “buy” rating in a research note on Wednesday, August 9th. Raymond James lowered their price objective on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Friday, October 13th. UBS Group lowered their price objective on shares of Barrick Gold from $25.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, October 6th. BMO Capital Markets lowered their price objective on shares of Barrick Gold from $31.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, October 13th. Finally, CSFB reduced their target price on shares of Barrick Gold from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Barrick Gold has a consensus rating of “Moderate Buy” and an average target price of $22.05.

Read Our Latest Research Report on Barrick Gold

Barrick Gold Stock Down 0.9 %

GOLD stock opened at $15.97 on Wednesday. The company has a current ratio of 2.71, a quick ratio of 2.14 and a debt-to-equity ratio of 0.15. Barrick Gold has a twelve month low of $13.01 and a twelve month high of $20.75. The company’s 50 day moving average is $15.80 and its two-hundred day moving average is $15.07. The stock has a market cap of $28.04 billion, a P/E ratio of -399.25, a PEG ratio of 9.80 and a beta of 0.41.

Barrick Gold (NYSE:GOLD – Get Free Report) (TSE:ABX) last announced its earnings results on Tuesday, August 8th. The gold and copper producer reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $3.40 billion. Barrick Gold had a net margin of 1.06% and a return on equity of 3.46%. During the same period last year, the firm posted $0.24 earnings per share. Research analysts expect that Barrick Gold will post 0.98 earnings per share for the current fiscal year.

Barrick Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.50%. Barrick Gold’s dividend payout ratio (DPR) is -1,025.00%.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds have recently modified their holdings of GOLD. HM Payson & Co. grew its position in shares of Barrick Gold by 58.2% during the second quarter. HM Payson & Co. now owns 1,740 shares of the gold and copper producer’s stock worth $29,000 after acquiring an additional 640 shares during the last quarter. Fairfield Bush & CO. purchased a new position in Barrick Gold in the 2nd quarter valued at $29,000. RFP Financial Group LLC purchased a new position in Barrick Gold in the 2nd quarter valued at $30,000. Venturi Wealth Management LLC purchased a new position in Barrick Gold in the 1st quarter valued at $32,000. Finally, Resurgent Financial Advisors LLC purchased a new position in Barrick Gold in the 4th quarter valued at $36,000. 58.20% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Gold Company Profile

(Get Free Report)

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.