Zacks Investment Research downgraded shares of Barrick Gold Corp. (NYSE:ABX) from a strong-buy rating to a hold rating in a report published on Monday morning.

According to Zacks, “Estimates for Barrick have been stable 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. We are also encouraged by its efforts to cut debt. However, Barrick is exposed to a volatile gold pricing environment. Moreover, the company continues to see pressure on its top line. Lower expected gold production (on a year over year basis) could weigh on its sales in 2016. The company's falling gold reserve base is another concern.”

Other analysts have also recently issued research reports about the company. Vetr raised Barrick Gold Corp. from a buy rating to a strong-buy rating and set a $24.15 target price on the stock in a research report on Monday, August 22nd. Berenberg Bank began coverage on Barrick Gold Corp. in a research report on Wednesday, September 7th. They set a sell rating and a $15.20 target price on the stock. Deutsche Bank AG raised Barrick Gold Corp. from a hold rating to a buy rating and set a $22.00 target price on the stock in a research report on Monday. TD Securities reaffirmed a buy rating and set a $26.00 target price on shares of Barrick Gold Corp. in a research report on Monday, July 25th. Finally, Credit Suisse Group AG reaffirmed a buy rating and set a $17.00 target price on shares of Barrick Gold Corp. in a research report on Wednesday, June 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $21.29.

Shares of Barrick Gold Corp. (NYSE:ABX) opened at 17.39 on Monday. Barrick Gold Corp. has a one year low of $6.90 and a one year high of $23.47. The company has a 50 day moving average price of $18.48 and a 200 day moving average price of $18.55. The company’s market cap is $20.27 billion.

Barrick Gold Corp. (NYSE:ABX) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by $0.01. Barrick Gold Corp. had a positive return on equity of 4.95% and a negative net margin of 33.33%. The firm earned $2.01 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same period last year, the company earned ($0.01) EPS. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities analysts predict that Barrick Gold Corp. will post $0.69 EPS for the current 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 $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend was Monday, August 29th. Barrick Gold Corp.’s payout ratio is -3.29%.

Hedge funds have recently made changes to their positions in 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 last quarter. 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 last quarter. 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 last quarter. 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 last quarter. 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 last quarter. 60.11% of the stock is currently owned by institutional investors.

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.

5 Day Chart for NYSE:ABX

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