Barrick Gold Corp. (NYSE:ABX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “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. 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. 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. Citigroup Inc. started coverage on Barrick Gold Corp. in a research note on Tuesday, August 2nd. They issued a “buy” rating and a $29.00 price target for the company. TD Securities restated a “buy” rating and issued a $26.00 price target on shares of Barrick Gold Corp. in a research note on Saturday, August 13th. Berenberg Bank started coverage on Barrick Gold Corp. in a research note on Wednesday, September 7th. They issued a “sell” rating and a $15.20 price target for the company. Credit Suisse Group AG restated a “buy” rating and issued a $17.00 price target on shares of Barrick Gold Corp. in a research note on Wednesday, June 29th. Finally, Vetr downgraded Barrick Gold Corp. from a “strong-buy” rating to a “buy” rating and set a $23.56 price target for the company. in a research note on Wednesday, July 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $21.19.
Shares of Barrick Gold Corp. (NYSE:ABX) traded up 1.498% on Monday, hitting $15.925. The company had a trading volume of 3,599,417 shares. The company’s market capitalization is $18.56 billion. Barrick Gold Corp. has a 12-month low of $6.90 and a 12-month high of $23.47. The firm has a 50-day moving average price of $17.31 and a 200 day moving average price of $18.56.
Barrick Gold Corp. (NYSE:ABX) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.14 earnings per share (EPS) 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 the consensus estimate of $2.02 billion. Barrick Gold Corp. had a positive return on equity of 4.95% and a negative net margin of 33.33%. The firm’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) earnings per share. Equities analysts expect that Barrick Gold Corp. will post $0.69 EPS for the current year.
Several institutional investors have recently bought and sold shares of the company. Highland Capital Management LLC boosted its position 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 worth $931,000 after buying an additional 200 shares during the period. AT Bancorp purchased a new stake in shares of Barrick Gold Corp. during the third quarter worth $2,671,000. Capstone Asset Management Co. raised its stake in shares of Barrick Gold Corp. by 2.9% in the third quarter. Capstone Asset Management Co. now owns 70,595 shares of the company’s stock worth $1,251,000 after buying an additional 1,980 shares in the last quarter. Fox Run Management L.L.C. raised its stake in shares of Barrick Gold Corp. by 271.3% in the third quarter. Fox Run Management L.L.C. now owns 42,700 shares of the company’s stock worth $757,000 after buying an additional 31,200 shares in the last quarter. Finally, Glaxis Capital Management LLC purchased a new stake in shares of Barrick Gold Corp. during the third quarter worth $975,000. 60.13% of the stock is owned by institutional investors.
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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