Zacks Investment Research upgraded shares of Barrick Gold (NYSE:ABX) (TSE:ABX) from a hold rating to a buy rating in a report released on Monday. They currently have $17.00 target price on the basic materials company’s stock.
According to Zacks, “Barrick is making significant progress with its cost improvement programs. The company’s initiatives including overhead expenses cuts are expected to generate meaningful cost savings. It will also benefit from actions to digitalize its mines. We are also encouraged by its debt-reduction actions. Its healthy cash flows positions the company well to take advantage of attractive development, exploration and acquisition opportunities.”
Several other research firms also recently commented on ABX. BMO Capital Markets set a $16.00 target price on shares of Barrick Gold and gave the stock a hold rating in a research report on Tuesday, December 19th. TD Securities set a $20.00 target price on shares of Barrick Gold and gave the stock a hold rating in a research report on Thursday, October 12th. Desjardins reissued a hold rating on shares of Barrick Gold in a research report on Monday, December 11th. Jefferies Group set a $20.00 target price on shares of Barrick Gold and gave the stock a buy rating in a research report on Thursday, October 19th. Finally, Credit Suisse Group downgraded shares of Barrick Gold from an outperform rating to a neutral rating and decreased their target price for the stock from $22.00 to $19.00 in a research report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company’s stock. Barrick Gold has an average rating of Hold and a consensus price target of $18.44.
Shares of Barrick Gold (ABX) traded up $0.26 on Monday, reaching $14.91. 8,330,302 shares of the company were exchanged, compared to its average volume of 10,200,000. Barrick Gold has a 52-week low of $13.28 and a 52-week high of $20.78. The stock has a market capitalization of $17,420.00, a P/E ratio of 7.97, a PEG ratio of 8.45 and a beta of -0.42. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.73 and a quick ratio of 1.56.
Barrick Gold (NYSE:ABX) (TSE:ABX) last announced its quarterly earnings data on Wednesday, October 25th. The basic materials company reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). Barrick Gold had a net margin of 25.72% and a return on equity of 7.73%. The company had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. The business’s revenue for the quarter was down 15.8% on a year-over-year basis. equities analysts predict that Barrick Gold will post 0.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 30th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date of this dividend was Wednesday, November 29th. Barrick Gold’s payout ratio is 6.42%.
Several institutional investors have recently modified their holdings of ABX. Marathon Asset Management LLP acquired a new stake in shares of Barrick Gold in the third quarter worth $43,138,000. Flossbach Von Storch AG lifted its stake in shares of Barrick Gold by 8.1% in the third quarter. Flossbach Von Storch AG now owns 28,677,838 shares of the basic materials company’s stock worth $461,427,000 after buying an additional 2,148,150 shares during the last quarter. Investec Asset Management LTD lifted its stake in shares of Barrick Gold by 87.6% in the third quarter. Investec Asset Management LTD now owns 2,887,282 shares of the basic materials company’s stock worth $46,441,000 after buying an additional 1,348,096 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Barrick Gold by 4.5% in the second quarter. Vanguard Group Inc. now owns 27,435,727 shares of the basic materials company’s stock worth $436,503,000 after buying an additional 1,190,761 shares during the last quarter. Finally, Capital Research Global Investors raised its stake in Barrick Gold by 40.2% during the 2nd quarter. Capital Research Global Investors now owns 3,175,587 shares of the basic materials company’s stock valued at $50,521,000 after purchasing an additional 909,926 shares during the last quarter. Institutional investors and hedge funds own 55.65% of the company’s stock.
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About Barrick Gold
Barrick Gold Corporation (Barrick) is a gold mining company. The Company is principally engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company’s segments include Goldstrike, Cortez, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Acacia Mining plc (Acacia), Pascua-Lama and Other Mines.
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