Zacks Investment Research Upgrades Barrick Gold (ABX) to Buy
Zacks Investment Research upgraded shares of Barrick Gold (NYSE:ABX) (TSE:ABX) from a hold rating to a buy rating in a research report released on Monday morning. Zacks Investment Research currently has $17.00 price objective 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.”
ABX has been the topic of several other research reports. UBS Group decreased their price objective on Barrick Gold from $18.00 to $17.00 and set a neutral rating on the stock in a report on Friday, November 3rd. Jefferies Group set a $20.00 price objective on Barrick Gold and gave the stock a buy rating in a report on Thursday, October 19th. Credit Suisse Group restated a buy rating and set a $22.00 price objective on shares of Barrick Gold in a report on Sunday, September 24th. Citigroup cut Barrick Gold from a buy rating to a sell rating and set a $13.00 price objective on the stock. in a report on Thursday, November 30th. Finally, BMO Capital Markets set a $18.00 price objective on Barrick Gold and gave the stock a hold rating in a report on Tuesday, November 14th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the company’s stock. Barrick Gold presently has a consensus rating of Hold and a consensus target price of $18.44.
Barrick Gold (NYSE:ABX) (TSE:ABX) last posted its quarterly earnings data on Wednesday, October 25th. The basic materials company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). Barrick Gold had a return on equity of 7.73% and a net margin of 25.72%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the business earned $0.24 EPS. Barrick Gold’s revenue for the quarter was down 15.8% compared to the same quarter last year. sell-side analysts forecast that Barrick Gold will post 0.75 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were given a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.82%. The ex-dividend date was Wednesday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is currently 6.42%.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its position in shares of Barrick Gold by 0.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 24,308 shares of the basic materials company’s stock worth $387,000 after buying an additional 143 shares during the period. M&T Bank Corp raised its position in shares of Barrick Gold by 0.7% in the 2nd quarter. M&T Bank Corp now owns 44,901 shares of the basic materials company’s stock worth $713,000 after buying an additional 328 shares during the period. D.A. Davidson & CO. raised its position in shares of Barrick Gold by 3.1% in the 2nd quarter. D.A. Davidson & CO. now owns 16,644 shares of the basic materials company’s stock worth $264,000 after buying an additional 500 shares during the period. Guardian Capital Advisors LP raised its position in shares of Barrick Gold by 4.4% in the 2nd quarter. Guardian Capital Advisors LP now owns 15,414 shares of the basic materials company’s stock worth $308,000 after buying an additional 650 shares during the period. Finally, MML Investors Services LLC raised its position in shares of Barrick Gold by 11.6% in the 2nd quarter. MML Investors Services LLC now owns 11,644 shares of the basic materials company’s stock worth $185,000 after buying an additional 1,209 shares during the period. 55.65% of the stock is currently owned by institutional investors and hedge funds.
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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