Barrick Gold Corp (ABX) Stock Rating Reaffirmed by Royal Bank of Canada
Barrick Gold Corp (NYSE:ABX) (TSE:ABX)‘s stock had its “buy” rating reiterated by equities researchers at Royal Bank of Canada in a report issued on Wednesday. They presently have a $23.00 price objective on the basic materials company’s stock. Royal Bank of Canada’s target price points to a potential upside of 37.64% from the stock’s current price.
A number of other research analysts also recently weighed in on the stock. Vetr upgraded shares of Barrick Gold Corp from a “hold” rating to a “buy” rating and set a $20.20 price objective for the company in a research report on Thursday, March 23rd. Credit Suisse Group AG reiterated a “buy” rating and issued a $23.00 price objective on shares of Barrick Gold Corp in a research report on Wednesday, February 15th. Zacks Investment Research upgraded shares of Barrick Gold Corp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 31st. Jefferies Group LLC set a $21.00 price objective on shares of Barrick Gold Corp and gave the stock a “buy” rating in a research report on Tuesday, March 14th. Finally, Scotiabank reiterated a “sector perform” rating and issued a $22.50 price objective on shares of Barrick Gold Corp in a research report on Tuesday, April 25th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $22.97.
Shares of Barrick Gold Corp (NYSE:ABX) traded up 1.77% during trading on Wednesday, reaching $16.71. The company had a trading volume of 13,393,235 shares. Barrick Gold Corp has a 1-year low of $13.81 and a 1-year high of $23.47. The company’s 50 day moving average is $17.75 and its 200-day moving average is $17.40. The stock has a market capitalization of $19.48 billion, a price-to-earnings ratio of 13.81 and a beta of -0.24.
Barrick Gold Corp (NYSE:ABX) last issued its quarterly earnings data on Monday, April 24th. The basic materials company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by $0.07. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $2.22 billion. Barrick Gold Corp had a positive return on equity of 6.81% and a negative net margin of 28.22%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the company posted $0.11 EPS. On average, equities research analysts anticipate that Barrick Gold Corp will post $0.74 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be paid a dividend of $0.03 per share. The ex-dividend date is Friday, May 26th. This represents a $0.12 annualized dividend and a yield of 0.72%. Barrick Gold Corp’s dividend payout ratio is presently -3.90%.
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A number of hedge funds have recently made changes to their positions in ABX. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in shares of Barrick Gold Corp by 71.6% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 4,080,100 shares of the basic materials company’s stock valued at $112,529,000 after buying an additional 1,702,600 shares in the last quarter. Moore Capital Management LP purchased a new stake in Barrick Gold Corp during the first quarter valued at $25,802,000. Commerzbank Aktiengesellschaft FI boosted its stake in Barrick Gold Corp by 34.2% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 8,197,244 shares of the basic materials company’s stock valued at $175,011,000 after buying an additional 2,088,846 shares during the period. Majedie Asset Management Ltd boosted its stake in Barrick Gold Corp by 165.3% in the third quarter. Majedie Asset Management Ltd now owns 10,811,567 shares of the basic materials company’s stock valued at $191,581,000 after buying an additional 6,736,764 shares during the period. Finally, Orbis Allan Gray Ltd purchased a new stake in Barrick Gold Corp during the first quarter valued at $414,288,000. 58.61% of the stock is owned by institutional investors.
About Barrick Gold Corp
Barrick Gold Corporation (Barrick) is a gold mining company. The Company is principally engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company’s segments include Goldstrike, Cortez, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Acacia Mining plc (Acacia), Pascua-Lama and Other Mines.
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