Zacks Investment Research upgraded shares of Barrick Gold (NYSE:ABX) (TSE:ABX) from a hold rating to a buy rating in a research report sent to investors on Monday. Zacks Investment Research currently has $17.00 price target 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.”
A number of other analysts have also weighed in on ABX. Credit Suisse Group lowered Barrick Gold from an outperform rating to a neutral rating and lowered their target price for the company from $22.00 to $19.00 in a research note on Thursday, October 26th. Jefferies Group restated a buy rating and issued a $20.00 target price on shares of Barrick Gold in a research note on Thursday, September 21st. CSFB lowered their target price on Barrick Gold from $22.00 to $19.00 and set a neutral rating for the company in a research note on Thursday, October 26th. BMO Capital Markets set a $18.00 target price on Barrick Gold and gave the company a hold rating in a research note on Tuesday, November 14th. Finally, Desjardins restated a hold rating on shares of Barrick Gold in a research note on Monday, December 11th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $18.44.
Barrick Gold (NYSE:ABX) (TSE:ABX) last announced its earnings results on Wednesday, October 25th. The basic materials company reported $0.16 earnings per share 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 business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the business posted $0.24 earnings per share. The business’s quarterly revenue was down 15.8% compared to the same quarter last year. analysts predict that Barrick Gold will post 0.75 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend was Wednesday, November 29th. Barrick Gold’s dividend payout ratio is 6.42%.
A number of institutional investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. boosted its holdings in Barrick Gold by 116.4% during the second quarter. Advisors Asset Management Inc. now owns 6,588 shares of the basic materials company’s stock worth $105,000 after buying an additional 3,543 shares during the last quarter. Fruth Investment Management bought a new position in Barrick Gold during the fourth quarter worth about $150,000. FNY Partners Fund LP bought a new position in Barrick Gold during the second quarter worth about $159,000. Neuberger Berman Group LLC bought a new position in Barrick Gold during the second quarter worth about $161,000. Finally, ETRADE Capital Management LLC bought a new position in Barrick Gold during the second quarter worth about $180,000. 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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