Traders Buy Barrick Gold Corp. (ABX) on Weakness
Traders purchased shares of Barrick Gold Corp. (NYSE:ABX) on weakness during trading on Monday. $34.45 million flowed into the stock on the tick-up and $21.87 million flowed out of the stock on the tick-down, for a money net flow of $12.58 million into the stock. Of all stocks tracked, Barrick Gold Corp. had the 21st highest net in-flow for the day. Barrick Gold Corp. traded down ($0.22) for the day and closed at $20.39
Several research analysts recently commented on the company. Vetr raised Barrick Gold Corp. from a “buy” rating to a “strong-buy” rating and set a $23.66 price objective for the company in a research note on Wednesday, July 20th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Barrick Gold Corp. in a research note on Monday, April 25th. Zacks Investment Research downgraded Barrick Gold Corp. from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. Jefferies Group raised Barrick Gold Corp. from a “hold” rating to a “buy” rating and increased their price objective for the company from $21.08 to $26.00 in a research note on Thursday, July 14th. Finally, TD Securities reissued a “buy” rating and issued a $26.00 price objective on shares of Barrick Gold Corp. in a research note on Monday, July 25th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Barrick Gold Corp. currently has a consensus rating of “Buy” and an average price target of $21.28.
The company’s market cap is $23.76 billion. The stock’s 50 day moving average price is $21.44 and its 200-day moving average price is $17.53.
Barrick Gold Corp. (NYSE:ABX) last issued its earnings results on Wednesday, July 27th. The company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by $0.01. During the same period last year, the firm earned ($0.01) earnings per share. The firm earned $2.01 billion during the quarter, compared to the consensus estimate of $2.02 billion. Barrick Gold Corp.’s revenue for the quarter was down 9.8% on a year-over-year basis. On average, equities research analysts expect that Barrick Gold Corp. will post $0.69 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Monday, August 29th.
Several large investors recently modified their holdings of ABX. Marshall Wace LLP bought a new stake in shares of Barrick Gold Corp. during the fourth quarter valued at $1,326,000. I.G. Investment Management LTD. increased its position in shares of Barrick Gold Corp. by 99.2% in the fourth quarter. I.G. Investment Management LTD. now owns 664,800 shares of the company’s stock worth $4,922,000 after buying an additional 331,083 shares in the last quarter. Finally, Jennison Associates LLC increased its position in shares of Barrick Gold Corp. by 15.7% in the fourth quarter. Jennison Associates LLC now owns 5,450,365 shares of the company’s stock worth $40,224,000 after buying an additional 740,712 shares in the last quarter.
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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