Goldman Sachs Group Inc. Reaffirms “Buy” Rating for Barrick Gold Corp. (ABX)
Barrick Gold Corp. (NYSE:ABX)‘s stock had its “buy” rating restated by stock analysts at Goldman Sachs Group Inc. in a report issued on Wednesday. They presently have a $27.00 target price on the stock. Goldman Sachs Group Inc.’s price target points to a potential upside of 74.76% from the stock’s current price.
The analysts wrote, “Conviction Buy”
A number of other analysts also recently commented on the company. Zacks Investment Research upgraded Barrick Gold Corp. from a “hold” rating to a “strong-buy” rating and set a $20.00 target price on the stock in a research report on Tuesday. Deutsche Bank AG raised Barrick Gold Corp. from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Monday. Berenberg Bank started coverage on Barrick Gold Corp. in a report on Wednesday, September 7th. They issued a “sell” rating and a $15.20 price target for the company. RBC Capital Markets reissued a “sector perform” rating on shares of Barrick Gold Corp. in a report on Sunday, September 4th. Finally, Vetr raised Barrick Gold Corp. from a “buy” rating to a “strong-buy” rating and set a $24.15 price target for the company in a report on Monday, August 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. Barrick Gold Corp. currently has an average rating of “Buy” and a consensus target price of $21.29.
Shares of Barrick Gold Corp. (NYSE:ABX) opened at 15.45 on Wednesday. Barrick Gold Corp. has a 12 month low of $6.90 and a 12 month high of $23.47. The stock’s market cap is $18.00 billion. The company has a 50-day moving average price of $18.31 and a 200-day moving average price of $18.55.
Barrick Gold Corp. (NYSE:ABX) last posted its earnings results on Wednesday, July 27th. The company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by $0.01. The firm had revenue of $2.01 billion for 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 firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. On average, analysts expect that Barrick Gold Corp. will post $0.69 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Monday, August 29th. Barrick Gold Corp.’s dividend payout ratio is currently -3.29%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. First New York Securities LLC NY acquired a new position in shares of Barrick Gold Corp. during the second quarter worth approximately $117,000. Dubuque Bank & Trust Co. purchased a new stake in shares of Barrick Gold Corp. during the second quarter valued at about $141,000. CENTRAL TRUST Co boosted 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 valued at $166,000 after buying an additional 392 shares during the last quarter. Fruth Investment Management purchased a new stake in shares of Barrick Gold Corp. during the second quarter valued at about $210,000. Finally, Bourgeon Capital Management LLC purchased a new stake in shares of Barrick Gold Corp. during the second quarter valued at about $213,000. 60.11% of the stock is owned by hedge funds and other 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.
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