Barrick Gold Corp. (ABX) Stock Rating Upgraded by Zacks Investment Research
Barrick Gold Corp. (NYSE:ABX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday. The firm currently has a $20.00 price target on the stock. Zacks Investment Research’s price objective indicates a potential upside of 27.15% from the company’s current price.
According to Zacks, “Barrick has a healthy cash flow profile, enabling it to invest in attractive expansion opportunities. The company should also gain from its cost management initiatives. Barrick is aiming to cut as much as $2 billion in expenses by end-2016. We are also encouraged by its efforts to cut debt. Moreover, the company should benefit from its recent agreement with Cisco for digital reinvention.”
A number of other brokerages have also commented on ABX. Citigroup Inc. started coverage on Barrick Gold Corp. in a report on Tuesday, August 2nd. They set a “buy” rating and a $29.00 price objective on the stock. TD Securities restated a “buy” rating and set a $26.00 target price on shares of Barrick Gold Corp. in a research note on Saturday, August 13th. Berenberg Bank began coverage on Barrick Gold Corp. in a research note on Wednesday, September 7th. They set a “sell” rating and a $15.20 target price for the company. Credit Suisse Group AG restated a “buy” rating and set a $17.00 target price on shares of Barrick Gold Corp. in a research note on Wednesday, June 29th. Finally, Vetr downgraded Barrick Gold Corp. from a “strong-buy” rating to a “buy” rating and set a $23.56 target price for the company. in a research note on Wednesday, July 27th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $21.29.
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Barrick Gold Corp. (NYSE:ABX) opened at 15.73 on Tuesday. The company’s 50-day moving average price is $17.85 and its 200-day moving average price is $18.52. Barrick Gold Corp. has a 52 week low of $6.90 and a 52 week high of $23.47. The company’s market capitalization is $18.33 billion.
Barrick Gold Corp. (NYSE:ABX) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by $0.01. The company had revenue of $2.01 billion for 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%. The business’s revenue was down 9.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.01) EPS. On average, equities analysts forecast that Barrick Gold Corp. will post $0.69 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a $0.02 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.08 annualized dividend and a dividend yield of 0.51%. Barrick Gold Corp.’s dividend payout ratio is currently -3.29%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. First New York Securities LLC NY acquired a new position in Barrick Gold Corp. during the second quarter valued at $117,000. Dubuque Bank & Trust Co. acquired a new position in Barrick Gold Corp. during the second quarter valued at $141,000. CENTRAL TRUST Co raised its position in Barrick Gold Corp. by 5.3% in the second quarter. CENTRAL TRUST Co now owns 7,786 shares of the company’s stock valued at $166,000 after buying an additional 392 shares in the last quarter. Fruth Investment Management acquired a new position in Barrick Gold Corp. during the second quarter valued at $210,000. Finally, Bourgeon Capital Management LLC acquired a new position in Barrick Gold Corp. during the second quarter valued at $213,000. Hedge funds and other institutional investors own 60.11% of the company’s stock.
Barrick Gold Corp. Company Profile
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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