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. The firm currently has $20.00 price objective 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.”
A number of other equities research analysts also recently weighed in on the company. Deutsche Bank AG upgraded Barrick Gold Corp. from a hold rating to a buy rating and set a $22.00 target price for the company in a report on Monday. Berenberg Bank began coverage on Barrick Gold Corp. in a report on Wednesday, September 7th. They issued a sell rating and a $15.20 target price for the company. RBC Capital Markets reiterated a sector perform rating on shares of Barrick Gold Corp. in a report on Sunday, September 4th. Vetr upgraded Barrick Gold Corp. from a buy rating to a strong-buy rating and set a $24.15 target price for the company in a report on Monday, August 22nd. Finally, Citigroup Inc. reiterated a buy rating on shares of Barrick Gold Corp. in a report on Thursday, August 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Barrick Gold Corp. has a consensus rating of Buy and a consensus price target of $21.29.
Shares of Barrick Gold Corp. (NYSE:ABX) opened at 15.64 on Tuesday. The company’s market cap is $18.23 billion. The company has a 50-day moving average price of $18.00 and a 200-day moving average price of $18.51. 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 issued its earnings results on Wednesday, July 27th. The company reported $0.14 earnings per share 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 the consensus estimate 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 company’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. Equities research analysts expect that Barrick Gold Corp. will post $0.69 earnings per share 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 dividend of $0.02 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.08 dividend on an annualized basis and a yield of 0.51%. Barrick Gold Corp.’s dividend payout ratio (DPR) is currently -3.29%.
Several hedge funds have recently modified their holdings of ABX. First New York Securities LLC NY purchased a new stake in shares of Barrick Gold Corp. during the second quarter valued at about $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 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 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. 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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