Barrick Gold Corp. (ABX) Upgraded to “Strong-Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Barrick Gold Corp. (NYSE:ABX) from a hold rating to a strong-buy rating in a research note released on Tuesday. They currently have $20.00 target price on the stock.
According to Zacks, “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. Barrick is aiming to cut as much as $2 billion in expenses by end-2016. We are also encouraged by its efforts to cut debt. Moreover, the company should benefit from its recent agreement with Cisco for digital reinvention.”
Several other research analysts have also issued reports on ABX. Jefferies Group reiterated a buy rating and set a $26.00 price objective on shares of Barrick Gold Corp. in a research note on Thursday, July 28th. Vetr upgraded Barrick Gold Corp. from a sell rating to a buy rating and set a $21.38 price objective for the company in a research note on Thursday, June 9th. Goldman Sachs Group Inc. increased their price objective on Barrick Gold Corp. from $22.00 to $23.00 and gave the stock a buy rating in a research note on Wednesday, June 8th. RBC Capital Markets reiterated a sector perform rating on shares of Barrick Gold Corp. in a research note on Sunday, September 4th. Finally, Citigroup Inc. initiated coverage on Barrick Gold Corp. in a research note on Tuesday, August 2nd. They set a buy rating and a $29.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Barrick Gold Corp. presently has an average rating of Buy and an average price target of $21.29.
Shares of Barrick Gold Corp. (NYSE:ABX) traded up 1.6628% during midday trading on Tuesday, reaching $15.7069. 8,788,490 shares of the company’s stock traded hands. The firm’s market capitalization is $18.30 billion. The stock’s 50 day moving average price is $18.31 and its 200 day moving average price is $18.55. Barrick Gold Corp. has a 52-week low of $6.90 and a 52-week high of $23.47.
Barrick Gold Corp. (NYSE:ABX) last released 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 company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the prior year, the company earned ($0.01) earnings per share. The business’s revenue was down 9.8% compared to the same quarter last year. On average, equities research analysts anticipate 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. Investors 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 0.52%. The ex-dividend date was Monday, August 29th. Barrick Gold Corp.’s dividend payout ratio is presently -3.29%.
A number of large investors have recently made changes to their positions in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in shares of Barrick Gold Corp. by 71.6% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 4,080,100 shares of the company’s stock worth $112,529,000 after buying an additional 1,702,600 shares in the last quarter. Moore Capital Management LP purchased a new stake in shares of Barrick Gold Corp. during the first quarter worth about $25,802,000. Orbis Allan Gray Ltd purchased a new stake in shares of Barrick Gold Corp. during the first quarter worth about $414,288,000. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Barrick Gold Corp. during the second quarter worth about $1,906,000. Finally, AMP Capital Investors Ltd raised its stake in shares of Barrick Gold Corp. by 87.8% in the first quarter. AMP Capital Investors Ltd now owns 613,039 shares of the company’s stock worth $8,444,000 after buying an additional 286,682 shares in the last quarter. 60.11% of the stock is currently owned by institutional investors and hedge funds.
About Barrick Gold Corp.
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.