Barrick Gold Corp. (NYSE:ABX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $20.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 13.64% from the company’s current price.
According to Zacks, “Estimates for Barrick have been going up lately. 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 which include overhead expenses cut, portfolio optimization and headcount reductions. Barrick expects to realize $100 million in overhead savings in 2016. Moreover, the company remains committed to cut mining costs with all-in sustaining costs for 2016 expected to be between $750 to $790 per ounce. We are also encouraged by its efforts to cut debt. Moreover, the company's recent agreement with Cisco for digitalization is expected to benefit the company. The company also has a positive record of earnings surprises in recent quarters.”
Several other analysts have also recently issued reports on ABX. Jefferies Group reiterated a “buy” rating and issued a $26.00 price objective on shares of Barrick Gold Corp. in a research note on Thursday, July 28th. Vetr upgraded Barrick Gold Corp. from a “sell” rating to a “buy” rating and set a $21.38 price objective on the stock in a research note on Thursday, June 9th. Goldman Sachs Group Inc. increased their price objective on Barrick Gold Corp. from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, June 8th. RBC Capital Markets reiterated a “sector perform” rating on shares of Barrick Gold Corp. in a research note on Sunday, September 4th. Finally, Citigroup Inc. began coverage on Barrick Gold Corp. in a research note on Tuesday, August 2nd. They issued a “buy” rating and a $29.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $21.29.
Barrick Gold Corp. (NYSE:ABX) opened at 17.60 on Wednesday. Barrick Gold Corp. has a one year low of $6.04 and a one year high of $23.47. The stock has a 50 day moving average price of $18.93 and a 200-day moving average price of $18.45. The stock’s market capitalization is $20.51 billion.
Barrick Gold Corp. (NYSE:ABX) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $2.02 billion. During the same quarter last year, the company earned ($0.01) earnings per share. The firm’s revenue for the quarter was down 9.8% on a year-over-year basis. Analysts anticipate that Barrick Gold Corp. will post $0.69 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a $0.02 dividend. The ex-dividend date was Monday, August 29th. This represents a $0.08 dividend on an annualized basis and a yield of 0.45%. Barrick Gold Corp.’s payout ratio is currently -3.29%.
A number of large investors have recently made changes to their positions in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its stake in Barrick Gold Corp. by 71.6% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 4,080,100 shares of the company’s stock worth $112,529,000 after buying an additional 1,702,600 shares during the last quarter. Moore Capital Management LP bought a new stake in Barrick Gold Corp. during the first quarter worth about $25,802,000. Orbis Allan Gray Ltd bought a new stake in Barrick Gold Corp. during the first quarter worth about $414,288,000. Mckinley Capital Management LLC Delaware bought a new stake in Barrick Gold Corp. during the second quarter worth about $1,906,000. Finally, AMP Capital Investors Ltd increased its stake in Barrick Gold Corp. by 87.8% in the first quarter. AMP Capital Investors Ltd now owns 613,039 shares of the company’s stock worth $8,444,000 after buying an additional 286,682 shares during the last quarter. Hedge funds and other institutional investors own 60.11% of the company’s stock.
About Barrick Gold Corp.
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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