Barrick Gold (TSE:ABX) Downgraded by Canadian Imperial Bank of Commerce to "Hold"

Key Points

• Canadian Imperial Bank of Commerce downgraded Barrick Gold from “strong buy” to “hold,” although the broader analyst consensus remains “moderate buy” with a C$67.67 price target.
• Barrick shares traded at C$57.74, near their 200-day moving average of C$57.12 and below the 50-day average of C$59.99; the stock’s 12-month range is C$42.62 to C$74.00.
• The company reported C$1.17 in quarterly EPS on C$6.06 billion in revenue, with a 31.60% net margin and 24.57% return on equity; analysts expect full-year EPS of C$2.24.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX was downgraded by equities research analysts at Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a note issued to investors on Thursday, Zacks reports.

Other analysts have also recently issued reports about the company. ATB Cormark Capital Markets lowered their price objective on Barrick Gold from C$60.00 to C$57.00 and set a "sector perform" rating on the stock in a research report on Tuesday, August 11th. Barclays raised their target price on Barrick Gold from C$55.00 to C$58.00 in a research report on Thursday, August 13th. Canaccord Genuity Group raised their target price on Barrick Gold from C$68.00 to C$73.00 and gave the stock a "buy" rating in a research report on Tuesday, August 25th. Citigroup upgraded shares of Barrick Gold to a "hold" rating in a research note on Thursday, September 3rd. Finally, National Bank Financial boosted their price target on shares of Barrick Gold from C$67.50 to C$70.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Barrick Gold presently has a consensus rating of "Moderate Buy" and a consensus price target of C$67.67.

Barrick Gold Stock Performance

Shares of TSE ABX traded up C$0.18 during mid-day trading on Thursday, hitting C$57.74. The company had a trading volume of 2,666,984 shares, compared to its average volume of 5,231,271. The company has a debt-to-equity ratio of 17.15, a current ratio of 3.01 and a quick ratio of 2.62. The business's 50-day simple moving average is C$59.99 and its 200-day simple moving average is C$57.12. Barrick Gold has a 12 month low of C$42.62 and a 12 month high of C$74.00. The firm has a market cap of C$95.03 billion, a P/E ratio of 14.92, a PEG ratio of 2.34 and a beta of 1.63.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX last issued its quarterly earnings results on Monday, August 10th. The basic materials company reported C$1.17 earnings per share (EPS) for the quarter. Barrick Gold had a return on equity of 24.57% and a net margin of 31.60%. The firm had revenue of C$6.06 billion for the quarter. As a group, analysts predict that Barrick Gold will post 2.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Sarah Anna Ball Teslik bought 12,613 shares of Barrick Gold stock in a transaction dated Friday, August 21st. The shares were bought at an average price of C$67.27 per share, for a total transaction of C$848,476.51. Following the purchase, the insider owned 12,613 shares of the company's stock, valued at approximately C$848,476.51. This trade represents a ∞ increase in their ownership of the stock. Also, insider Darian Kevin Rich sold 75,452 shares of the company's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of C$67.99, for a total transaction of C$5,129,981.48. Following the completion of the sale, the insider directly owned 235,252 shares in the company, valued at approximately C$15,994,783.48. The trade was a 24.28% decrease in their position. Corporate insiders own 0.60% of the company's stock.

About Barrick Gold

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry - including six of the world's Tier One gold mines -Barrick's operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.