JPMorgan Chase & Co. Lowers Barrick Gold Corp Price Target to $19.00 (ABX)
Research analysts at JPMorgan Chase & Co. cut their price objective on shares of Barrick Gold Corp (NYSE:ABX) from $22.00 to $19.00 in a report released on Thursday, AnalystRatingsNetwork.com reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.’s price target indicates a potential downside of 5.52% from the stock’s previous close.
Shares of Barrick Gold Corp (NYSE:ABX) traded down 3.33% during mid-day trading on Thursday, hitting $19.44. 23,341,864 shares of the company’s stock traded hands. Barrick Gold Corp has a 52 week low of $13.43 and a 52 week high of $43.19. The stock’s 50-day moving average is $18.57 and its 200-day moving average is $20.33. The company’s market cap is $19.462 billion. Barrick Gold Corp also was the target of unusually large options trading activity on Thursday. Traders acquired 56,596 call options on the stock. This is an increase of 210% compared to the average daily volume of 18,255 call options.
Barrick Gold Corp (NYSE:ABX) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.68 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.56 by $0.12. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter last year, the company posted $0.78 earnings per share. Barrick Gold Corp’s revenue was down 1.3% compared to the same quarter last year. On average, analysts predict that Barrick Gold Corp will post $2.61 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on ABX. Analysts at Salman Partners downgraded shares of Barrick Gold Corp (NYSE:ABX) to a “hold” rating in a research note to investors on Thursday, August 22nd. Separately, analysts at TD Securities upgraded shares of Barrick Gold Corp (NYSE:ABX) from a “hold” rating to a “buy” rating in a research note to investors on Wednesday, August 21st. They now have a $25.00 price target on the stock, up previously from $19.00. Finally, analysts at Credit Suisse raised their price target on shares of Barrick Gold Corp (NYSE:ABX) from $20.00 to $22.00 in a research note to investors on Tuesday, August 13th. They now have a “neutral” rating on the stock.
Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $25.63.
Barrick Gold Corporation (NYSE:ABX) is engaged in the production and sale of gold, as well as related activities.
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