Barrick Gold Corp. (NYSE:ABX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage presently has a $18.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 12.50% from the company’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.”
A number of other analysts have also recently weighed in on ABX. Mackie cut Barrick Gold Corp. from a “hold” rating to a “sell” rating in a research report on Monday, June 20th. Goldman Sachs Group Inc. reiterated a “conviction-buy” rating and issued a $27.00 price target (up from $23.00) on shares of Barrick Gold Corp. in a research report on Monday, June 27th. Credit Suisse Group AG reiterated a “buy” rating and issued a $17.00 price target on shares of Barrick Gold Corp. in a research report on Wednesday, June 29th. Jefferies Group upgraded Barrick Gold Corp. from a “hold” rating to a “buy” rating and upped their price target for the company from $21.08 to $26.00 in a research report on Thursday, July 14th. Finally, Vetr upgraded Barrick Gold Corp. from a “buy” rating to a “strong-buy” rating and set a $23.66 price target on the stock in a research report on Wednesday, July 20th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $21.19.
Barrick Gold Corp. (NYSE:ABX) traded down 0.69% during mid-day trading on Friday, reaching $15.89. The company’s stock had a trading volume of 7,610,028 shares. The stock’s 50 day moving average is $17.38 and its 200 day moving average is $18.54. Barrick Gold Corp. has a 12 month low of $6.90 and a 12 month high of $23.47. The company’s market cap is $18.52 billion.
Barrick Gold Corp. (NYSE:ABX) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by $0.01. Barrick Gold Corp. had a negative net margin of 33.33% and a positive return on equity of 4.95%. The company earned $2.01 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the company earned ($0.01) earnings per share. The business’s revenue was down 9.8% on a year-over-year basis. Equities research 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. 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 0.50%. The ex-dividend date of this dividend 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. 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 in the last quarter. Highland Capital Management LLC raised 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 worth $931,000 after buying an additional 200 shares in 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 in 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 in the last quarter. Finally, 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 in the last quarter. 60.11% of the stock is currently 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.