Barrick Gold Corp.’s (ABX) Buy Rating Reiterated at Goldman Sachs Group Inc.
Barrick Gold Corp. (NYSE:ABX)‘s stock had its “buy” rating reiterated by equities research analysts at Goldman Sachs Group Inc. in a research note issued to investors on Wednesday. They currently have a $27.00 price target on the stock. Goldman Sachs Group Inc.’s price objective would indicate a potential upside of 71.65% from the company’s current price.
The analysts wrote, “Conviction Buy”
Several other equities research analysts have also weighed in on the company. Zacks Investment Research raised Barrick Gold Corp. from a “hold” rating to a “strong-buy” rating and set a $20.00 target price on the stock in a research report on Tuesday. Deutsche Bank AG raised Barrick Gold Corp. from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Monday, October 3rd. Berenberg Bank began coverage on Barrick Gold Corp. in a research report on Wednesday, September 7th. They set a “sell” rating and a $15.20 target price on the stock. RBC Capital Markets reissued a “sector perform” rating on shares of Barrick Gold Corp. in a research report on Sunday, September 4th. Finally, Vetr raised Barrick Gold Corp. from a “buy” rating to a “strong-buy” rating and set a $24.15 target price on the stock in a research report on Monday, August 22nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Barrick Gold Corp. presently has a consensus rating of “Buy” and an average price target of $21.29.
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Barrick Gold Corp. (NYSE:ABX) traded up 0.58% during midday trading on Wednesday, reaching $15.73. The company’s stock had a trading volume of 22,006,523 shares. The stock’s market cap is $18.33 billion. Barrick Gold Corp. has a 12-month low of $6.90 and a 12-month high of $23.47. The stock’s 50 day moving average is $17.85 and its 200 day moving average is $18.52.
Barrick Gold Corp. (NYSE:ABX) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by $0.01. The company earned $2.01 billion during the quarter, compared to analyst estimates of $2.02 billion. Barrick Gold Corp. had a negative net margin of 33.33% and a positive return on equity of 4.95%. Barrick Gold Corp.’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) EPS. Analysts anticipate that Barrick Gold Corp. will post $0.69 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a dividend of $0.02 per share. The ex-dividend date was Monday, August 29th. This represents a $0.08 annualized dividend and a yield of 0.51%. Barrick Gold Corp.’s dividend payout ratio is presently -3.29%.
A number of institutional investors have recently modified their holdings of ABX. Van ECK Associates Corp boosted its position in Barrick Gold Corp. by 20.0% in the second quarter. Van ECK Associates Corp now owns 59,726,542 shares of the company’s stock worth $1,275,162,000 after buying an additional 9,942,301 shares during the period. Cohen & Steers Inc. boosted its position in Barrick Gold Corp. by 32,393.7% in the second quarter. Cohen & Steers Inc. now owns 43,332,308 shares of the company’s stock worth $1,599,829,000 after buying an additional 43,198,952 shares during the period. Orbis Allan Gray Ltd bought a new position in Barrick Gold Corp. during the first quarter worth $414,288,000. BlackRock Group LTD boosted its position in Barrick Gold Corp. by 29.3% in the second quarter. BlackRock Group LTD now owns 29,442,014 shares of the company’s stock worth $628,587,000 after buying an additional 6,663,024 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Barrick Gold Corp. by 3.1% in the first quarter. Renaissance Technologies LLC now owns 26,496,502 shares of the company’s stock worth $359,823,000 after buying an additional 789,976 shares during the period. 60.11% of the stock is owned by hedge funds and other institutional investors.
About Barrick Gold Corp.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. The Company produces copper, principally from its Zaldivar joint venture and Lumwana mine, and holds other interests. Barricks’ segments include Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Porgera, Kalgoorlie, Acacia Mining plc, Lumwana, Zaldivar and Pascua-Lama Project.
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