Short Interest in Barrick Gold Corp (ABX) Rises By 39.8%

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Barrick Gold Corp (NYSE:ABX) (TSE:ABX) was the target of a large growth in short interest in the month of September. As of September 28th, there was short interest totalling 39,101,809 shares, a growth of 39.8% from the September 14th total of 27,960,029 shares. Based on an average trading volume of 23,104,571 shares, the days-to-cover ratio is presently 1.7 days.

ABX has been the topic of a number of analyst reports. Citigroup upgraded Barrick Gold from a “sell” rating to a “neutral” rating and set a $11.00 price target on the stock in a report on Tuesday, August 28th. Royal Bank of Canada downgraded Barrick Gold from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $16.00 to $14.00 in a report on Monday, July 30th. BMO Capital Markets reiterated a “hold” rating and issued a $15.00 price target on shares of Barrick Gold in a report on Friday, September 21st. JPMorgan Chase & Co. cut their price target on Barrick Gold from $15.50 to $13.00 and set a “neutral” rating on the stock in a report on Monday, September 17th. Finally, TD Securities upgraded Barrick Gold from a “hold” rating to a “buy” rating and lifted their price target for the company from $13.50 to $14.00 in a report on Tuesday, September 25th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $15.14.

Shares of ABX stock opened at $12.70 on Tuesday. Barrick Gold has a 1-year low of $9.53 and a 1-year high of $16.69. The company has a current ratio of 2.12, a quick ratio of 1.22 and a debt-to-equity ratio of 0.51. The firm has a market cap of $12.93 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 9.05 and a beta of -0.37.

Barrick Gold (NYSE:ABX) (TSE:ABX) last announced its earnings results on Wednesday, July 25th. The basic materials company reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.05). Barrick Gold had a positive return on equity of 6.13% and a negative net margin of 3.38%. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same quarter last year, the firm earned $0.22 earnings per share. The firm’s quarterly revenue was down 20.7% compared to the same quarter last year. On average, equities research analysts forecast that Barrick Gold will post 0.61 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, September 17th. Investors of record on Friday, August 31st were paid a dividend of $0.03 per share. The ex-dividend date was Thursday, August 30th. This represents a $0.12 annualized dividend and a yield of 0.94%. Barrick Gold’s dividend payout ratio (DPR) is 16.00%.

Hedge funds have recently made changes to their positions in the stock. Stevens Capital Management LP purchased a new position in Barrick Gold during the 2nd quarter worth $1,582,000. BlueMountain Capital Management LLC acquired a new stake in Barrick Gold during the 2nd quarter worth about $790,000. Nomura Holdings Inc. lifted its position in Barrick Gold by 351.6% during the 2nd quarter. Nomura Holdings Inc. now owns 184,254 shares of the basic materials company’s stock worth $2,420,000 after acquiring an additional 257,484 shares during the period. Bridgewater Associates LP lifted its position in Barrick Gold by 221.5% during the 2nd quarter. Bridgewater Associates LP now owns 507,501 shares of the basic materials company’s stock worth $6,663,000 after acquiring an additional 349,625 shares during the period. Finally, State of Wisconsin Investment Board lifted its position in Barrick Gold by 4.6% during the 2nd quarter. State of Wisconsin Investment Board now owns 940,726 shares of the basic materials company’s stock worth $12,350,000 after acquiring an additional 41,140 shares during the period. Hedge funds and other institutional investors own 52.65% of the company’s stock.

Barrick Gold Company Profile

Barrick Gold Corporation engages in the exploration and development of mineral properties. It primarily explores for gold and copper deposits. The company holds a 50% interest in the Veladero mine located in the San Juan Province of Argentina; 50% interest in the KCGM, a gold mine located in Australia; 95% interest in Porgera, a gold mine located in Papua New Guinea; 50% interest in the Zaldívar, a copper mine located in Chile; and 50% interest in the Jabal Sayid, a copper mine located in Saudi Arabia.

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