Barrick Gold (NYSE:ABX) (TSE:ABX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday.
According to Zacks, “Estimates for Barrick for the first quarter have been going down lately. Barrick has underperformed the industry it belongs to over a year. The company faces headwinds from lower expected production and higher costs in 2018. This may hurt its margins in 2018. The company's falling gold reserve base is another concern. It is also exposed to a volatile gold pricing environment.”
ABX has been the subject of several other reports. TD Securities boosted their price target on Barrick Gold from $17.00 to $17.50 and gave the stock a “hold” rating in a research report on Friday, January 12th. Raymond James Financial dropped their price target on Barrick Gold from $19.00 to $17.00 and set a “market perform” rating for the company in a research report on Monday, February 26th. JPMorgan Chase dropped their price target on Barrick Gold from $19.00 to $15.50 and set a “neutral” rating for the company in a research report on Wednesday, March 28th. Royal Bank of Canada upgraded Barrick Gold from a “sector perform” rating to an “outperform” rating and dropped their price target for the stock from $17.00 to $16.00 in a research report on Monday, March 12th. Finally, Argus cut Barrick Gold from a “buy” rating to a “hold” rating in a research report on Friday, March 2nd. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $16.49.
Barrick Gold (NYSE:ABX) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 14th. The basic materials company reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.02. Barrick Gold had a return on equity of 7.59% and a net margin of 17.17%. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.21 billion. During the same period in the previous year, the business earned $0.22 earnings per share. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. equities analysts predict that Barrick Gold will post 0.84 EPS for the current fiscal year.
Large investors have recently modified their holdings of the business. Stifel Financial Corp grew its holdings in Barrick Gold by 135.5% in the 3rd quarter. Stifel Financial Corp now owns 234,370 shares of the basic materials company’s stock valued at $3,772,000 after buying an additional 134,836 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new stake in Barrick Gold in the 4th quarter valued at $2,198,000. Ronna Sue Cohen acquired a new position in shares of Barrick Gold in the 4th quarter valued at $263,000. Stephens Inc. AR lifted its stake in shares of Barrick Gold by 13.2% in the 4th quarter. Stephens Inc. AR now owns 34,715 shares of the basic materials company’s stock valued at $502,000 after purchasing an additional 4,038 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of Barrick Gold by 44.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 637,800 shares of the basic materials company’s stock valued at $10,262,000 after purchasing an additional 196,700 shares during the last quarter. Institutional investors own 52.89% of the company’s stock.
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About Barrick Gold
Barrick Gold Corporation engages in the exploration and development of mineral properties. It primarily explores for gold and copper deposits. The company holds a 50% interest in the Veladero mine located in the San Juan Province of Argentina; 50% interest in the KCGM, a gold mine located in Australia; 95% interest in Porgera, a gold mine located in Papua New Guinea; 50% interest in the Zaldívar, a copper mine located in Chile; and 50% interest in the Jabal Sayid, a copper mine located in Saudi Arabia.
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