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. 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 equities research analysts also recently issued research reports about the company. Citigroup Inc. reaffirmed a buy rating on shares of Barrick Gold Corp. in a research report on Monday. TD Securities reissued a buy rating and set a $26.00 price target on shares of Barrick Gold Corp. in a research report on Monday, July 25th. Canaccord Genuity raised Barrick Gold Corp. from a hold rating to a buy rating in a research report on Thursday, July 28th. Vetr downgraded 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 report on Tuesday, August 9th. Finally, Argus reissued a buy rating and set a $26.00 price target (up previously from $23.00) on shares of Barrick Gold Corp. in a research report on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Barrick Gold Corp. currently has an average rating of Buy and an average target price of $21.19.
Shares of Barrick Gold Corp. (NYSE:ABX) traded up 1.57% during mid-day trading on Monday, reaching $16.15. The company’s stock had a trading volume of 2,062,616 shares. The firm’s market capitalization is $18.82 billion. The company’s 50-day moving average is $17.24 and its 200 day moving average is $18.64. Barrick Gold Corp. has a 1-year low of $6.90 and a 1-year high of $23.47.
Barrick Gold Corp. (NYSE:ABX) last announced its quarterly earnings data 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 business earned $2.01 billion during 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%. Barrick Gold Corp.’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.01) EPS. On average, analysts expect that Barrick Gold Corp. will post $0.69 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of Barrick Gold Corp. by 3.1% in the first quarter. Renaissance Technologies LLC now owns 26,496,502 shares of the company’s stock worth $359,823,000 after buying an additional 789,976 shares during the period. HBK Investments L P raised its position in shares of Barrick Gold Corp. by 2.6% in the first quarter. HBK Investments L P now owns 1,196,216 shares of the company’s stock worth $16,245,000 after buying an additional 30,529 shares during the period. Bogle Investment Management L P DE acquired a new position in shares of Barrick Gold Corp. during the first quarter worth about $11,212,000. Prudential PLC raised its position in shares of Barrick Gold Corp. by 235.2% in the first quarter. Prudential PLC now owns 5,009,788 shares of the company’s stock worth $68,033,000 after buying an additional 3,515,100 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in shares of Barrick Gold Corp. during the first quarter worth about $1,525,000. 60.13% of the stock is 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.
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