UBS AG Cuts Barrick Gold Corporation (ABX) Price Target to $17.00
Barrick Gold Corporation (NYSE:ABX) (TSE:ABX) had its target price cut by UBS AG from $18.00 to $17.00 in a note issued to investors on Friday, www.benzinga.com reports. The firm currently has a “neutral” rating on the basic materials company’s stock. UBS AG’s price target would suggest a potential upside of 21.43% from the stock’s current price.
ABX has been the subject of a number of other research reports. BidaskClub raised Barrick Gold Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. TD Securities set a $20.00 price target on Barrick Gold Corporation and gave the company a “hold” rating in a research note on Thursday, October 12th. Royal Bank Of Canada restated a “buy” rating and issued a $21.00 price target on shares of Barrick Gold Corporation in a research note on Tuesday, July 18th. Jefferies Group LLC set a $20.00 price objective on Barrick Gold Corporation and gave the stock a “buy” rating in a research report on Thursday, October 19th. Finally, Citigroup Inc. reiterated a “buy” rating on shares of Barrick Gold Corporation in a research report on Wednesday, September 6th. Thirteen equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $19.36.
Shares of Barrick Gold Corporation (NYSE ABX) traded down $0.22 during midday trading on Friday, reaching $14.00. 12,154,572 shares of the company traded hands, compared to its average volume of 10,040,338. The firm has a market cap of $16.44 billion, a price-to-earnings ratio of 19.05 and a beta of -0.39.
Barrick Gold Corporation (NYSE:ABX) (TSE:ABX) last announced its quarterly earnings results on Wednesday, October 25th. The basic materials company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $2.02 billion. Barrick Gold Corporation had a net margin of 25.72% and a return on equity of 7.73%. The business’s revenue was down 15.8% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. research analysts expect that Barrick Gold Corporation will post 0.75 EPS for the current fiscal year.
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Institutional investors and hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its holdings in shares of Barrick Gold Corporation by 116.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 6,588 shares of the basic materials company’s stock worth $105,000 after purchasing an additional 3,543 shares in the last quarter. FNY Partners Fund LP purchased a new stake in Barrick Gold Corporation during the 2nd quarter valued at about $159,000. F&V Capital Management LLC purchased a new stake in Barrick Gold Corporation during the 2nd quarter valued at about $161,000. Neuberger Berman Group LLC purchased a new stake in Barrick Gold Corporation during the 2nd quarter valued at about $161,000. Finally, ETRADE Capital Management LLC purchased a new stake in Barrick Gold Corporation during the 2nd quarter valued at about $180,000. Hedge funds and other institutional investors own 56.18% 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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