|Bid||3.2310 x 100000|
|Ask||3.2790 x 94000|
|Day's Range||3.2500 - 3.3000|
|52 Week Range||2.1500 - 3.5590|
|Beta (3Y Monthly)||0.59|
|PE Ratio (TTM)||58.25|
|Forward Dividend & Yield||0.04 (1.12%)|
|1y Target Est||N/A|
(Bloomberg) -- Bullion giant Barrick Gold Corp. pleasantly surprised the market by raising its dividend 25%. Will the move portend a new era of largess from the normally tightfisted gold miners?There are certainly reasons for investors to be hopeful. Producers have been striving to cut costs and consolidate operations, while the price of gold has climbed over 20% in the past year to hover around $1,500 an ounce. Barrick’s move Wednesday was echoed a few hours later when Canadian rival Kirkland Lake Gold Ltd. raised its quarterly payout 50%. B2Gold Corp. preceded both by announcing its first-ever dividend a day earlier.“The companies are positioned to start to pay dividends and give more back to shareholders,” Joe Foster, a portfolio manager and strategist at VanEck, said by phone Wednesday. “It happens to coincide with the rising gold price, so you’re getting to see more aggressive moves on the dividends front than we would have seen if gold was $100 or $200 lower.”Gold miners trimmed costs following the sharp decline of the metal’s price toward the start of the decade. Barrick and B2Gold are both expecting costs this year to come in at or below the lower end of company guidance.Barrick rose Wednesday in New York trading, ending the day up 2.2%. The shares were down 0.4% at 9:24 a.m. pre-market on Thursday as gold prices fell. Kirkland Lake gained 2.8% in Toronto Wednesday, while B2Gold climbed 4%.Not all producers have embraced increased payouts this earnings season. On Tuesday Newmont Goldcorp Corp., the world’s largest gold producer, held its dividend steady as it grapples with integrating problematic assets acquired in its mega-merger with Goldcorp Inc.In an interview after assuming the role of chief executive officer Oct. 1, Newmont’s Tom Palmer used a common phrase in the gold industry: capital allocation discipline. For Palmer, that means the first focus will be paying down debt, then funding projects, and finally increasing dividends.A disciplined approach should continue to translate to shareholder returns, says Stephen Walker, RBC Capital Markets’ head of global mining research.“Shareholders have been asking companies to be more disciplined,” Walker said by phone Wednesday. “The ability to return a portion of excess capital to shareholders” is evidence of their improved cost performance, he said.(Updates with shares in fifth paragraph.)To contact the reporter on this story: Justina Vasquez in New York at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, Steven Frank, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
AngloGold Ashanti Ltd has entered into an agreement with B2Gold at its Gramalote project in Colombia that will see its Canadian joint venture partner raise its stake and assume management of the project. AngloGold Ashanti said as part of the agreement B2Gold will fund investment and exploration to the value of $13.9 million at the project next year in return for taking its stake up to 50% and will assume management of the project in January 2020. Ashanti, which also has operations in South Africa, holding the remaining 51.7%.
On a per-share basis, the Vancouver, British Columbia-based company said it had net income of 2 cents. Earnings, adjusted for non-recurring costs, came to 4 cents per share. The results matched Wall Street ...
B2Gold Corp. (BTG) was down 2.89% at $3.02 in early trading on Wednesday following the release of fourth-quarter and full-year 2018 results. Warning! GuruFocus has detected 6 Warning Signs with BTG. In addition, the operating cash flow almost doubled to $450.9 million.
On a per-share basis, the Vancouver, British Columbia-based company said it had a loss of 6 cents. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 1 cent per share. The results ...
On Wednesday, shares of B2Gold Corp. (BTG) (BTO.TO) closed flat at $2.86 on the American Stock Exchange and fell 1.05% to 3.78 Canadian dollars ($2.85) on the Toronto Stock Exchange following the release of gold production and sales figures for 2018. Warning! GuruFocus has detected 5 Warning Signs with BTG.