Barrick Gold Corp. (NYSE:ABX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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.”
ABX has been the subject of a number of other reports. Vetr raised shares of Barrick Gold Corp. from a “buy” rating to a “strong-buy” rating and set a $22.58 price target for the company in a report on Wednesday, June 15th. Berenberg Bank started coverage on shares of Barrick Gold Corp. in a report on Wednesday, September 7th. They set a “sell” rating and a $15.20 price target for the company. Mackie lowered shares of Barrick Gold Corp. from a “hold” rating to a “sell” rating in a report on Monday, June 20th. Deutsche Bank AG raised shares of Barrick Gold Corp. from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Monday. Finally, RBC Capital Markets reaffirmed a “sector perform” rating on shares of Barrick Gold Corp. in a report on Sunday, September 4th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Barrick Gold Corp. presently has a consensus rating of “Buy” and an average price target of $21.29.
Barrick Gold Corp. (NYSE:ABX) opened at 15.45 on Monday. The company’s 50-day moving average is $18.31 and its 200 day moving average is $18.55. Barrick Gold Corp. has a 12-month low of $6.90 and a 12-month high of $23.47. The stock’s market capitalization is $18.00 billion.
Barrick Gold Corp. (NYSE:ABX) last released its quarterly 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 firm had revenue of $2.01 billion for the quarter, compared to analyst estimates 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 previous year, the business posted ($0.01) earnings per share. On average, analysts predict that Barrick Gold Corp. will post $0.69 EPS 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 annualized dividend and a yield of 0.52%. Barrick Gold Corp.’s dividend payout ratio is presently -3.29%.
A number of 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 $117,000. Dubuque Bank & Trust Co. purchased a new stake in shares of Barrick Gold Corp. during the second quarter valued at $141,000. CENTRAL TRUST Co increased 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 in the last quarter. Fruth Investment Management purchased a new stake in shares of Barrick Gold Corp. during the second quarter valued at $210,000. Finally, Bourgeon Capital Management LLC purchased a new stake in shares of Barrick Gold Corp. during the second quarter valued at $213,000. 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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