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 firm presently has a $18.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 13.21% 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 equities analysts have also recently issued research reports about the stock. Citigroup Inc. assumed coverage on shares of Barrick Gold Corp. in a research report on Tuesday, August 2nd. They set a “buy” rating and a $29.00 target price on the stock. TD Securities restated a “buy” rating and set 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 set 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, eight have given a hold rating, eleven 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 an average target price of $21.19.
Shares of Barrick Gold Corp. (NYSE:ABX) opened at 15.90 on Friday. The firm’s 50-day moving average price is $17.24 and its 200 day moving average price is $18.64. The company’s market capitalization is $18.53 billion. 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 posted its earnings results on Wednesday, July 27th. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by $0.01. Barrick Gold Corp. had a positive return on equity of 4.95% and a negative net margin of 33.33%. The firm had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the prior year, the business earned ($0.01) EPS. Barrick Gold Corp.’s quarterly revenue was down 9.8% compared to the same quarter last year. Equities analysts predict that Barrick Gold Corp. will post $0.69 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Gateway Investment Advisers LLC increased its stake in Barrick Gold Corp. by 0.6% in the second quarter. Gateway Investment Advisers LLC now owns 20,213 shares of the company’s stock valued at $432,000 after buying an additional 130 shares in the last quarter. Highland Capital Management LLC increased its stake in 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 in the last quarter. CENTRAL TRUST Co increased its stake in 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 in the last quarter. Ruffer LLP increased its stake in Barrick Gold Corp. by 0.6% in the second quarter. Ruffer LLP now owns 124,865 shares of the company’s stock valued at $2,665,000 after buying an additional 770 shares in the last quarter. Finally, First Allied Advisory Services Inc. increased its stake in 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 valued at $358,000 after buying an additional 1,214 shares in the last quarter. 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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