Barrick Gold Corporation (NYSE:ABX) (TSE:ABX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

According to Zacks, “Barrick should gain from its cost management initiatives, progress of its key projects and efforts to digitalize its mines. We are also encouraged by its debt-reduction actions. However, Barrick has underperformed the industry it belongs to over the past three months. Barrick is exposed to a volatile gold pricing environment. The company's falling gold reserve base, declining production along with the limited supply of gold as new deposits are other concerns.”

A number of other equities analysts have also issued reports on the company. Royal Bank Of Canada reissued a “buy” rating and set a $21.00 price target on shares of Barrick Gold Corporation in a report on Tuesday. Jefferies Group LLC reissued a “buy” rating and set a $20.00 price target (down previously from $24.00) on shares of Barrick Gold Corporation in a report on Friday, July 14th. BMO Capital Markets lowered Barrick Gold Corporation from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $21.00 to $18.00 in a report on Thursday, July 6th. BidaskClub lowered Barrick Gold Corporation from a “hold” rating to a “sell” rating in a report on Saturday, July 1st. Finally, Berenberg Bank raised Barrick Gold Corporation from a “sell” rating to a “hold” rating and lifted their price objective for the company from $16.13 to $16.40 in a report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $22.16.

Barrick Gold Corporation (NYSE:ABX) traded down 0.55% during mid-day trading on Friday, reaching $16.23. The company’s stock had a trading volume of 5,335,484 shares. The firm has a market cap of $18.92 billion, a PE ratio of 13.41 and a beta of -0.25. The stock’s 50 day moving average is $16.06 and its 200 day moving average is $17.60. Barrick Gold Corporation has a one year low of $13.81 and a one year high of $22.94. Barrick Gold Corporation also was the target of unusually large options trading on Thursday. Traders bought 18,285 put options on the company. This represents an increase of approximately 371% compared to the typical daily volume of 3,886 put options.

Barrick Gold Corporation (NYSE:ABX) (TSE:ABX) last released its quarterly earnings results on Monday, April 24th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.07. Barrick Gold Corporation had a return on equity of 8.34% and a net margin of 16.44%. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same period in the prior year, the business earned $0.11 EPS. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, analysts anticipate that Barrick Gold Corporation will post $0.72 EPS for the current year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Barrick Gold Corporation by 40,554.0% in the first quarter. BlackRock Inc. now owns 23,482,163 shares of the basic materials company’s stock valued at $445,925,000 after buying an additional 23,424,402 shares during the period. Legal & General Group Plc increased its position in shares of Barrick Gold Corporation by 253,067.4% in the first quarter. Legal & General Group Plc now owns 5,124,109 shares of the basic materials company’s stock valued at $97,047,000 after buying an additional 5,122,085 shares during the period. Van ECK Associates Corp increased its position in shares of Barrick Gold Corporation by 5.5% in the first quarter. Van ECK Associates Corp now owns 74,763,721 shares of the basic materials company’s stock valued at $1,419,763,000 after buying an additional 3,877,115 shares during the period. FMR LLC increased its position in shares of Barrick Gold Corporation by 13.7% in the first quarter. FMR LLC now owns 18,633,462 shares of the basic materials company’s stock valued at $353,936,000 after buying an additional 2,241,822 shares during the period. Finally, Commerzbank Aktiengesellschaft FI increased its position in shares of Barrick Gold Corporation by 24.4% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 8,726,552 shares of the basic materials company’s stock valued at $165,717,000 after buying an additional 1,710,182 shares during the period. Institutional investors own 57.75% of the company’s stock.

About Barrick Gold Corporation

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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Analyst Recommendations for Barrick Gold Corporation (NYSE:ABX)

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