Credit Suisse Group Reaffirms Buy Rating for Barrick Gold Corporation (ABX)
Barrick Gold Corporation (NYSE:ABX) (TSE:ABX)‘s stock had its “buy” rating restated by stock analysts at Credit Suisse Group in a research report issued to clients and investors on Sunday. They currently have a $22.00 price target on the basic materials company’s stock. Credit Suisse Group’s price objective points to a potential upside of 34.47% from the company’s current price.
Several other brokerages also recently issued reports on ABX. Royal Bank Of Canada reissued an “outperform” rating on shares of Barrick Gold Corporation in a research report on Friday, August 18th. BidaskClub downgraded shares of Barrick Gold Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, July 1st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $21.00 target price (down previously from $22.00) on shares of Barrick Gold Corporation in a research report on Sunday, June 25th. Berenberg Bank set a $15.00 target price on shares of Barrick Gold Corporation and gave the company a “sell” rating in a research report on Saturday, May 27th. Finally, BMO Capital Markets downgraded shares of Barrick Gold Corporation from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $21.00 to $18.00 in a research report on Thursday, July 6th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $20.51.
Shares of Barrick Gold Corporation (NYSE ABX) traded up 0.18% during midday trading on Friday, reaching $16.36. The company had a trading volume of 7,460,554 shares. The firm’s 50 day moving average price is $17.20 and its 200-day moving average price is $17.21. The company has a market capitalization of $19.08 billion, a P/E ratio of 8.10 and a beta of -0.29. Barrick Gold Corporation has a 12 month low of $13.81 and a 12 month high of $20.78.
Barrick Gold Corporation (NYSE:ABX) (TSE:ABX) last announced its quarterly earnings data on Wednesday, July 26th. The basic materials company reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.05. Barrick Gold Corporation had a net margin of 26.95% and a return on equity of 8.91%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the business posted $0.14 earnings per share. Barrick Gold Corporation’s revenue was up 7.4% compared to the same quarter last year. Analysts anticipate that Barrick Gold Corporation will post $0.74 earnings per share for the current fiscal year.
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A number of large investors have recently modified their holdings of the business. Afam Capital Inc. boosted its position in Barrick Gold Corporation by 4.8% during the second quarter. Afam Capital Inc. now owns 173,031 shares of the basic materials company’s stock worth $2,753,000 after purchasing an additional 7,967 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Barrick Gold Corporation in the second quarter worth about $244,000. Koch Industries Inc. purchased a new stake in shares of Barrick Gold Corporation in the second quarter worth about $268,000. Rockshelter Capital Management LLC lifted its holdings in shares of Barrick Gold Corporation by 7.8% in the second quarter. Rockshelter Capital Management LLC now owns 57,110 shares of the basic materials company’s stock worth $909,000 after buying an additional 4,140 shares in the last quarter. Finally, Capital Innovations LLC lifted its holdings in shares of Barrick Gold Corporation by 116.6% in the second quarter. Capital Innovations LLC now owns 21,655 shares of the basic materials company’s stock worth $344,000 after buying an additional 11,655 shares in the last quarter. Hedge funds and other institutional investors own 55.65% 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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