Barrick Gold Corp. (ABX) Rating Increased to Strong-Buy at Zacks Investment Research
Barrick Gold Corp. (NYSE:ABX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday. The firm presently has a $20.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 25.16% from the company’s current price.
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.”
A number of other equities analysts have also commented on the stock. Deutsche Bank AG upgraded shares of Barrick Gold Corp. from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Monday. Berenberg Bank assumed coverage on shares of Barrick Gold Corp. in a research report on Wednesday, September 7th. They issued a “sell” rating and a $15.20 price objective for the company. RBC Capital Markets restated a “sector perform” rating on shares of Barrick Gold Corp. in a research report on Sunday, September 4th. Vetr upgraded shares of Barrick Gold Corp. from a “buy” rating to a “strong-buy” rating and set a $24.15 price objective for the company in a research report on Monday, August 22nd. Finally, Citigroup Inc. restated a “buy” rating on shares of Barrick Gold Corp. in a research report on Thursday, August 18th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Barrick Gold Corp. has an average rating of “Buy” and a consensus target price of $21.29.
Barrick Gold Corp. (NYSE:ABX) opened at 15.98 on Tuesday. Barrick Gold Corp. has a 52-week low of $6.90 and a 52-week high of $23.47. The firm’s market cap is $18.62 billion. The company has a 50-day moving average of $18.15 and a 200 day moving average of $18.53.
Barrick Gold Corp. (NYSE:ABX) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates 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 firm earned $2.01 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the business posted ($0.01) earnings per share. Barrick Gold Corp.’s revenue was down 9.8% compared to the same quarter last year. On average, equities research analysts anticipate that Barrick Gold Corp. will post $0.69 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Monday, August 29th. Barrick Gold Corp.’s payout ratio is currently -3.29%.
A number of hedge funds and other institutional investors have recently modified their holdings of ABX. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in shares of 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 worth $112,529,000 after buying an additional 1,702,600 shares during the period. Moore Capital Management LP acquired a new stake in shares of Barrick Gold Corp. during the first quarter worth approximately $25,802,000. Orbis Allan Gray Ltd acquired a new stake in shares of Barrick Gold Corp. during the first quarter worth approximately $414,288,000. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Barrick Gold Corp. during the second quarter worth approximately $1,906,000. Finally, AMP Capital Investors Ltd boosted its stake in shares of Barrick Gold Corp. by 87.8% in the first quarter. AMP Capital Investors Ltd now owns 613,039 shares of the company’s stock worth $8,444,000 after buying an additional 286,682 shares during the period. 60.11% of the stock is currently 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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