Edge Wealth Management LLC Boosts Stock Position in Barrick Gold Corp (NYSE:GOLD)

Edge Wealth Management LLC lifted its holdings in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 6.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,255 shares of the gold and copper producer’s stock after acquiring an additional 725 shares during the period. Edge Wealth Management LLC’s holdings in Barrick Gold were worth $204,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Addenda Capital Inc. grew its stake in shares of Barrick Gold by 88.1% during the fourth quarter. Addenda Capital Inc. now owns 3,105,335 shares of the gold and copper producer’s stock worth $56,176,000 after acquiring an additional 1,454,220 shares during the last quarter. 1832 Asset Management L.P. grew its stake in shares of Barrick Gold by 19.2% during the fourth quarter. 1832 Asset Management L.P. now owns 1,051,755 shares of the gold and copper producer’s stock worth $19,026,000 after acquiring an additional 169,350 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. purchased a new stake in shares of Barrick Gold during the fourth quarter worth about $1,331,000. Corient Private Wealth LLC grew its stake in shares of Barrick Gold by 0.9% during the fourth quarter. Corient Private Wealth LLC now owns 123,651 shares of the gold and copper producer’s stock worth $2,237,000 after acquiring an additional 1,066 shares during the last quarter. Finally, DAVENPORT & Co LLC grew its stake in shares of Barrick Gold by 17.9% during the fourth quarter. DAVENPORT & Co LLC now owns 73,627 shares of the gold and copper producer’s stock worth $1,332,000 after acquiring an additional 11,166 shares during the last quarter. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets dropped their price target on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Jefferies Financial Group started coverage on Barrick Gold in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 target price for the company. National Bank Financial reaffirmed a “sector perform overweight” rating on shares of Barrick Gold in a report on Monday, April 8th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 target price on shares of Barrick Gold in a report on Monday, March 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Barrick Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

Barrick Gold Stock Performance

NYSE:GOLD traded up $0.09 during trading hours on Friday, reaching $16.93. The company had a trading volume of 648,598 shares, compared to its average volume of 21,819,906. Barrick Gold Corp has a 1-year low of $13.76 and a 1-year high of $18.95. The firm has a market cap of $29.72 billion, a PE ratio of 20.65, a price-to-earnings-growth ratio of 0.48 and a beta of 0.59. The business’s 50 day moving average price is $16.85 and its 200-day moving average price is $16.48. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.32 and a quick ratio of 2.49.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.04. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the previous year, the company posted $0.14 earnings per share. Barrick Gold’s revenue for the quarter was up 3.9% on a year-over-year basis. Research analysts forecast that Barrick Gold Corp will post 1.06 EPS for the current year.

Barrick Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, May 31st. This is a boost 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 2.36%. Barrick Gold’s payout ratio is 48.78%.

Barrick Gold Profile

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.