Barrick Gold (TSE:ABX) Price Target Cut to C$49.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut Barrick Gold’s price target from C$51.00 to C$49.00 while keeping an outperform rating on the stock. The new target implies about 6% downside from the previous close.
• Other analysts remain largely constructive overall: Barrick has seen a mix of higher targets and one downgrade, but MarketBeat says the stock still carries an average Buy rating with a consensus price target of C$74.00.
• Barrick Gold shares were trading at C$52.13 on Thursday, above RBC’s revised target, with the company reporting strong recent results including C$1.36 EPS and C$5.81 billion in quarterly revenue.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX had its price target decreased by investment analysts at Royal Bank Of Canada from C$51.00 to C$49.00 in a research report issued on Thursday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the basic materials company's stock. Royal Bank Of Canada's price objective suggests a potential downside of 6.00% from the stock's previous close.

Several other equities research analysts have also recently issued reports on ABX. BMO Capital Markets lifted their price objective on Barrick Gold from C$55.00 to C$65.00 in a report on Wednesday, April 22nd. ATB Cormark Capital Markets downgraded Barrick Gold from a "moderate buy" rating to a "hold" rating and increased their price objective for the company from C$70.00 to C$75.00 in a research note on Tuesday, April 7th. Barclays set a C$56.00 price objective on Barrick Gold and gave the company an "equal weight" rating in a report on Friday, May 22nd. Sanford C. Bernstein lifted their target price on shares of Barrick Gold from C$86.00 to C$91.00 in a research note on Monday, April 20th. Finally, National Bank Financial upped their target price on shares of Barrick Gold from C$72.50 to C$75.00 and gave the stock an "outperform" rating in a report on Tuesday, May 12th. Five investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Barrick Gold has an average rating of "Buy" and an average price target of C$74.00.

Barrick Gold Stock Performance

TSE ABX traded up C$1.60 during mid-day trading on Thursday, reaching C$52.13. 831,634 shares of the stock were exchanged, compared to its average volume of 5,828,698. The business's 50 day moving average is C$56.07 and its 200-day moving average is C$59.98. The company has a market capitalization of C$87.34 billion, a P/E ratio of 14.40, a P/E/G ratio of 2.34 and a beta of 1.60. Barrick Gold has a 1 year low of C$28.22 and a 1 year high of C$74.00. The company has a debt-to-equity ratio of 17.29, a quick ratio of 2.62 and a current ratio of 3.06.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX last posted its earnings results on Monday, May 11th. The basic materials company reported C$1.36 earnings per share (EPS) for the quarter. The business had revenue of C$5.81 billion for the quarter. Barrick Gold had a net margin of 32.04% and a return on equity of 23.48%. On average, equities research analysts forecast that Barrick Gold will post 2.2422764 EPS for the current fiscal year.

Insider Buying and Selling at Barrick Gold

In other news, Director Robert Ananda Paul Samek bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average price of C$55.06 per share, with a total value of C$550,600.00. Following the purchase, the director owned 18,900 shares in the company, valued at approximately C$1,040,634. The trade was a 112.36% increase in their ownership of the stock. Also, Director Mark Francis Hill sold 9,453 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of C$56.85, for a total transaction of C$537,403.05. Following the sale, the director directly owned 334,176 shares in the company, valued at C$18,997,905.60. This represents a 2.75% decrease in their position. Insiders sold a total of 134,422 shares of company stock worth $7,695,879 in the last quarter. Company 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.

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