Barrick Gold Corp. (ABX) Stock Rating Upgraded by Zacks Investment Research
Barrick Gold Corp. (NYSE:ABX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday. The brokerage presently has a $20.00 price target on the stock. Zacks Investment Research’s price objective indicates a potential upside of 13.64% from the stock’s current price.
According to Zacks, “Estimates for Barrick have been going up lately. Barrick has a healthy cash flow profile, enabling it to invest in attractive expansion opportunities. The company should also gain from its cost management initiatives which include overhead expenses cut, portfolio optimization and headcount reductions. Barrick expects to realize $100 million in overhead savings in 2016. Moreover, the company remains committed to cut mining costs with all-in sustaining costs for 2016 expected to be between $750 to $790 per ounce. We are also encouraged by its efforts to cut debt. Moreover, the company's recent agreement with Cisco for digitalization is expected to benefit the company. The company also has a positive record of earnings surprises in recent quarters.”
Several other analysts have also recently issued reports on the company. Berenberg Bank initiated coverage on Barrick Gold Corp. in a research report on Wednesday, September 7th. They set a “sell” rating and a $15.20 target price for the company. RBC Capital Markets reiterated a “sector perform” rating on shares of Barrick Gold Corp. in a research report on Sunday, September 4th. Vetr upgraded Barrick Gold Corp. from a “buy” rating to a “strong-buy” rating and set a $24.15 target price for the company in a research report on Monday, August 22nd. Citigroup Inc. reiterated a “buy” rating on shares of Barrick Gold Corp. in a research report on Thursday, August 18th. Finally, TD Securities reiterated a “buy” rating and set a $26.00 target price on shares of Barrick Gold Corp. in a research report on Saturday, August 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $21.29.
Barrick Gold Corp. (NYSE:ABX) opened at 17.60 on Wednesday. The firm’s 50-day moving average price is $18.93 and its 200-day moving average price is $18.45. The stock’s market cap is $20.51 billion. Barrick Gold Corp. has a 12-month low of $6.04 and a 12-month high of $23.47.
Barrick Gold Corp. (NYSE:ABX) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by $0.01. The company earned $2.01 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Barrick Gold Corp. had a positive return on equity of 4.95% and a negative net margin of 33.33%. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.01) EPS. On average, equities analysts predict that Barrick Gold Corp. will post $0.69 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Monday, August 29th. Barrick Gold Corp.’s dividend payout ratio (DPR) is presently -3.29%.
A number of large investors have recently modified their holdings of the stock. Gateway Investment Advisers LLC raised its stake in shares of Barrick Gold Corp. by 0.6% in the second quarter. Gateway Investment Advisers LLC now owns 20,213 shares of the company’s stock worth $432,000 after buying an additional 130 shares during the period. CENTRAL TRUST Co raised its stake in shares of Barrick Gold Corp. by 5.3% in the second quarter. CENTRAL TRUST Co now owns 7,786 shares of the company’s stock worth $166,000 after buying an additional 392 shares during the period. Ruffer LLP raised its stake in shares of Barrick Gold Corp. by 0.6% in the second quarter. Ruffer LLP now owns 124,865 shares of the company’s stock worth $2,665,000 after buying an additional 770 shares during the period. First Allied Advisory Services Inc. raised its stake in shares of Barrick Gold Corp. by 7.8% in the second quarter. First Allied Advisory Services Inc. now owns 16,761 shares of the company’s stock worth $358,000 after buying an additional 1,214 shares during the period. Finally, Welch & Forbes LLC raised its stake in shares of Barrick Gold Corp. by 2.2% in the second quarter. Welch & Forbes LLC now owns 61,359 shares of the company’s stock worth $1,311,000 after buying an additional 1,334 shares during the period. 60.11% of the stock is owned by institutional investors and hedge funds.
Barrick Gold Corp. Company Profile
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. The Company produces copper, principally from its Zaldivar joint venture and Lumwana mine, and holds other interests. Barricks’ segments include Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Porgera, Kalgoorlie, Acacia Mining plc, Lumwana, Zaldivar and Pascua-Lama Project.
Receive News & Stock Ratings for Barrick Gold Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Barrick Gold Corp. and related stocks with our FREE daily email newsletter.