Zacks Investment Research upgraded shares of Barrick Gold Corp. (NYSE:ABX) from a hold rating to a buy rating in a report released on Friday. Zacks Investment Research currently has $18.00 price target on the stock.
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.”
Several other brokerages also recently weighed in on ABX. Citigroup Inc. started coverage on shares of Barrick Gold Corp. in a research note on Tuesday, August 2nd. They issued a buy rating and a $29.00 target price for the company. TD Securities restated a buy rating and issued a $26.00 target price on shares of Barrick Gold Corp. in a research note on Saturday, August 13th. Berenberg Bank started coverage on shares of Barrick Gold Corp. in a research note on Wednesday, September 7th. They issued a sell rating and a $15.20 target price for the company. Credit Suisse Group AG reaffirmed a buy rating and issued a $17.00 price target on shares of Barrick Gold Corp. in a report on Wednesday, June 29th. Finally, Vetr cut shares of Barrick Gold Corp. from a strong-buy rating to a buy rating and set a $23.56 price target on the stock. in a report on Wednesday, July 27th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $21.19.
Shares of Barrick Gold Corp. (NYSE:ABX) traded up 0.70% on Friday, reaching $15.80. 2,679,153 shares of the company’s stock traded hands. 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 of $17.31 and a 200-day moving average of $18.56. The stock’s market capitalization is $18.41 billion.
Barrick Gold Corp. (NYSE:ABX) last announced its earnings results on Wednesday, July 27th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by $0.01. The firm earned $2.01 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company posted ($0.01) earnings per share. Equities research analysts forecast that Barrick Gold Corp. will post $0.69 earnings per share for the current year.
Several institutional investors have recently bought and sold shares of ABX. First New York Securities LLC NY acquired a new position in Barrick Gold Corp. during the second quarter valued at $117,000. Dubuque Bank & Trust Co. acquired a new position in Barrick Gold Corp. during the second quarter valued at $141,000. CENTRAL TRUST Co raised its position 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 during the period. Fruth Investment Management acquired a new position in Barrick Gold Corp. during the second quarter valued at $210,000. Finally, Bourgeon Capital Management LLC acquired a new position in Barrick Gold Corp. during the second quarter valued at $213,000. Institutional investors own 60.13% 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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