According to Zacks, “Estimates for Barrick have been stable 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. We are also encouraged by its efforts to cut debt. 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.”
Several other equities research analysts have also issued reports on the stock. Vetr lowered shares of Barrick Gold Corp. from a buy rating to a sell rating and set a $18.35 target price on the stock. in a research note on Monday, June 6th. Goldman Sachs Group Inc. increased their target price on shares of Barrick Gold Corp. from $22.00 to $23.00 and gave the stock a buy rating in a research note on Wednesday, June 8th. Mackie lowered shares of Barrick Gold Corp. from a hold rating to a sell rating in a research note on Monday, June 20th. Credit Suisse Group AG reissued a buy rating and set a $17.00 target price on shares of Barrick Gold Corp. in a research note on Wednesday, June 29th. Finally, Jefferies Group raised shares of Barrick Gold Corp. from a hold rating to a buy rating and increased their target price for the stock from $21.08 to $26.00 in a research note on Thursday, July 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Barrick Gold Corp. has a consensus rating of Buy and a consensus price target of $21.29.
Barrick Gold Corp. (NYSE:ABX) opened at 15.64 on Monday. Barrick Gold Corp. has a 52-week low of $6.90 and a 52-week high of $23.47. The company has a 50-day moving average price of $18.00 and a 200 day moving average price of $18.51. The stock’s market cap is $18.23 billion.
Barrick Gold Corp. (NYSE:ABX) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.14 EPS for the quarter, missing the consensus estimate 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 business earned $2.01 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the company posted ($0.01) earnings per share. Barrick Gold Corp.’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, analysts expect that Barrick Gold Corp. will post $0.69 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a $0.02 dividend. The ex-dividend date was Monday, August 29th. This represents a $0.08 annualized dividend and a dividend yield of 0.51%. Barrick Gold Corp.’s dividend payout ratio (DPR) is -3.29%.
Hedge funds have recently bought and sold shares of the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted 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 valued at $112,529,000 after buying an additional 1,702,600 shares during the period. Moore Capital Management LP purchased a new stake in Barrick Gold Corp. during the first quarter valued at $25,802,000. Orbis Allan Gray Ltd purchased a new stake in Barrick Gold Corp. during the first quarter valued at $414,288,000. Mckinley Capital Management LLC Delaware purchased a new stake in Barrick Gold Corp. during the second quarter valued at $1,906,000. Finally, AMP Capital Investors Ltd boosted 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 valued at $8,444,000 after buying an additional 286,682 shares during the period. 60.11% of the stock is owned by institutional investors and hedge funds.
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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