Barrick Gold (ABX) Given a $17.00 Price Target by Raymond James Analysts

Barrick Gold (NYSE:ABX) (TSE:ABX) has been assigned a $17.00 target price by equities researchers at Raymond James in a note issued to investors on Friday. The firm currently has a “hold” rating on the basic materials company’s stock. Raymond James’ price target would indicate a potential upside of 31.68% from the stock’s previous close.

ABX has been the topic of a number of other research reports. Deutsche Bank set a $15.00 target price on shares of Barrick Gold and gave the company a “buy” rating in a research report on Tuesday, October 2nd. JPMorgan Chase & Co. set a $14.00 target price on shares of Barrick Gold and gave the company a “hold” rating in a research report on Thursday, October 4th. ValuEngine raised shares of Barrick Gold from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Jefferies Financial Group cut shares of Barrick Gold from a “buy” rating to a “hold” rating and decreased their target price for the company from $17.00 to $11.00 in a research report on Monday, August 6th. Finally, TD Securities upped their target price on shares of Barrick Gold from $15.00 to $15.50 and gave the company a “buy” rating in a research report on Wednesday, October 31st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the stock. Barrick Gold presently has a consensus rating of “Hold” and a consensus price target of $14.96.

NYSE ABX opened at $12.91 on Friday. Barrick Gold has a 12 month low of $9.53 and a 12 month high of $15.52. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 2.65. The stock has a market capitalization of $15.16 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 15.51 and a beta of -0.57.

Barrick Gold (NYSE:ABX) (TSE:ABX) last posted its earnings results on Wednesday, October 24th. The basic materials company reported $0.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.02. Barrick Gold had a negative net margin of 8.75% and a positive return on equity of 5.38%. The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the company posted $0.16 earnings per share. Barrick Gold’s revenue for the quarter was down 5.0% compared to the same quarter last year. As a group, analysts predict that Barrick Gold will post 0.42 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Canada Pension Plan Investment Board lifted its position in shares of Barrick Gold by 430.1% during the third quarter. Canada Pension Plan Investment Board now owns 3,000,049 shares of the basic materials company’s stock worth $33,241,000 after purchasing an additional 2,434,069 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Barrick Gold by 107.6% during the third quarter. DekaBank Deutsche Girozentrale now owns 749,299 shares of the basic materials company’s stock worth $7,839,000 after purchasing an additional 388,300 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Barrick Gold by 6.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 323,726 shares of the basic materials company’s stock worth $3,579,000 after purchasing an additional 21,013 shares in the last quarter. FIL Ltd acquired a new stake in shares of Barrick Gold during the third quarter worth about $6,802,000. Finally, BlackRock Inc. lifted its position in shares of Barrick Gold by 291.7% during the third quarter. BlackRock Inc. now owns 13,090,324 shares of the basic materials company’s stock worth $145,041,000 after purchasing an additional 9,748,052 shares in the last quarter. 52.08% of the stock is currently owned by institutional investors and hedge funds.

About Barrick Gold

Barrick Gold Corporation engages in the exploration and development of mineral properties. It primarily explores for gold and copper deposits. The company holds a 50% interest in the Veladero mine located in the San Juan Province of Argentina; 50% interest in the KCGM, a gold mine located in Australia; 95% interest in Porgera, a gold mine located in Papua New Guinea; 50% interest in the Zaldívar, a copper mine located in Chile; and 50% interest in the Jabal Sayid, a copper mine located in Saudi Arabia.

Further Reading: Market Capitalization – What it Means for Investors

Analyst Recommendations for Barrick Gold (NYSE:ABX)

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