Barrick Gold Corp. (ABX) Upgraded by Zacks Investment Research to “Buy”
Barrick Gold Corp. (NYSE:ABX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The firm currently has a $18.00 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 12.50% from the stock’s current price.
According to Zacks, “Barrick has a healthy cash flow profile, enabling it to invest in attractive expansion opportunities. The company maintains a significant focus on Nevada for growth opportunities. A significant portion of its exploration budget for 2016 has been allocated to the Americas, with a considerable focus on Nevada. The company is advancing its Goldrush project near the Cortez mine. 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.”
Other analysts have also issued research reports about the stock. Citigroup Inc. initiated coverage on shares of Barrick Gold Corp. in a research note on Tuesday, August 2nd. They set a “buy” rating and a $29.00 price objective on the stock. TD Securities restated a “buy” rating and issued a $26.00 price target on shares of Barrick Gold Corp. in a research note on Monday, July 25th. Canaccord Genuity upgraded shares of Barrick Gold Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, July 28th. Vetr lowered shares of Barrick Gold Corp. from a “strong-buy” rating to a “buy” rating and set a $23.79 price target for the company. in a research note on Tuesday, August 9th. Finally, Argus restated a “buy” rating and issued a $26.00 price target (up previously from $23.00) on shares of Barrick Gold Corp. in a research note on Wednesday, August 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Barrick Gold Corp. presently has a consensus rating of “Buy” and an average target price of $21.19.
Shares of Barrick Gold Corp. (NYSE:ABX) traded down 0.69% during trading on Friday, reaching $15.89. 7,610,028 shares of the company’s stock were exchanged. The company’s 50-day moving average is $17.38 and its 200 day moving average is $18.54. The stock’s market capitalization is $18.52 billion. 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 posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 negative net margin of 33.33% and a positive return on equity of 4.95%. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.01) EPS. On average, analysts forecast that Barrick Gold Corp. will post $0.69 earnings per share for the current year.
The firm also recently declared 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 annualized dividend and a yield of 0.50%. 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 ABX. Highland Capital Management LLC boosted its stake in shares of Barrick Gold Corp. by 0.4% in the third quarter. Highland Capital Management LLC now owns 52,558 shares of the company’s stock valued at $931,000 after buying an additional 200 shares during the period. AT Bancorp acquired a new stake in shares of Barrick Gold Corp. during the third quarter valued at approximately $2,671,000. Capstone Asset Management Co. boosted its stake in shares of Barrick Gold Corp. by 2.9% in the third quarter. Capstone Asset Management Co. now owns 70,595 shares of the company’s stock valued at $1,251,000 after buying an additional 1,980 shares during the period. Fox Run Management L.L.C. boosted its stake in shares of Barrick Gold Corp. by 271.3% in the third quarter. Fox Run Management L.L.C. now owns 42,700 shares of the company’s stock valued at $757,000 after buying an additional 31,200 shares during the period. Finally, Glaxis Capital Management LLC acquired a new stake in shares of Barrick Gold Corp. during the third quarter valued at approximately $975,000. Hedge funds and other institutional investors own 60.11% of the company’s stock.
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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