Barrick Gold Corp. (ABX) Stock Rating Lowered by Zacks Investment Research
Barrick Gold Corp. (NYSE:ABX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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.”
Several other equities analysts also recently commented on the stock. Vetr upgraded shares of Barrick Gold Corp. from a “buy” rating to a “strong-buy” rating and set a $24.15 price target on the stock in a research note on Monday, August 22nd. Deutsche Bank AG raised shares of Barrick Gold Corp. from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a report on Monday, October 3rd. Berenberg Bank began coverage on shares of Barrick Gold Corp. in a report on Wednesday, September 7th. They issued a “sell” rating and a $15.20 target price for the company. TD Securities reaffirmed a “buy” rating and issued a $26.00 price objective on shares of Barrick Gold Corp. in a research note on Monday, July 25th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Barrick Gold Corp. in a research note on Wednesday, June 29th. 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 assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $21.19.
Barrick Gold Corp. (NYSE:ABX) opened at 16.37 on Monday. The company’s market capitalization is $19.08 billion. The stock’s 50 day moving average is $17.19 and its 200-day moving average is $18.66. Barrick Gold Corp. has a 12-month low of $6.90 and a 12-month high of $23.47.
Barrick Gold Corp. (NYSE:ABX) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 business earned $2.01 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the company posted ($0.01) earnings per share. The company’s revenue was down 9.8% on a year-over-year basis. On average, equities analysts predict that Barrick Gold Corp. will post $0.69 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of the stock. First New York Securities LLC NY bought a new position in shares of Barrick Gold Corp. during the second quarter valued at about $117,000. Dubuque Bank & Trust Co. bought a new position in shares of Barrick Gold Corp. during the second quarter valued at about $141,000. Gemmer Asset Management LLC boosted its position in shares of Barrick Gold Corp. by 3,974.0% in the third quarter. Gemmer Asset Management LLC now owns 8,148 shares of the company’s stock valued at $144,000 after buying an additional 7,948 shares during the period. CENTRAL TRUST Co boosted 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 worth $166,000 after buying an additional 392 shares during the last quarter. Finally, Fruth Investment Management acquired a new position in Barrick Gold Corp. during the second quarter worth $210,000. 60.13% of the stock is 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Barrick Gold Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Barrick Gold Corp. and related companies with MarketBeat.com's FREE daily email newsletter.