Citigroup Lowers Barrick Gold (TSE:ABX) Price Target to C$41.00

Key Points

• Citigroup cut Barrick Gold’s price target to C$41 from C$48 and maintained a “neutral” rating, implying 21.77% downside from the reported C$52.41 share price.
• Analyst sentiment remains broadly positive despite mixed revisions: MarketBeat reports a consensus “Buy” rating and an average target price of C$70.23.
• Barrick reported quarterly earnings of C$1.36 per share on C$5.81 billion in revenue, with a 32.14% net margin and 23.58% return on equity.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX had its price target reduced by stock analysts at Citigroup from C$48.00 to C$41.00 in a research note issued to investors on Monday,BayStreet.CA reports. The brokerage currently has a "neutral" rating on the basic materials company's stock. Citigroup's price target suggests a potential downside of 21.77% from the stock's current price.

ABX has been the topic of a number of other research reports. JPMorgan Chase & Co. reduced their price target on Barrick Gold from C$91.00 to C$79.00 in a research report on Thursday, April 23rd. Barclays decreased their target price on Barrick Gold from C$56.00 to C$55.00 in a research note on Thursday, July 16th. Sanford C. Bernstein lifted their price target on shares of Barrick Gold from C$86.00 to C$91.00 in a research note on Monday, April 20th. National Bank Financial cut their target price on Barrick Gold from C$75.00 to C$67.50 and set an "outperform" rating on the stock in a report on Tuesday, July 14th. Finally, ATB Cormark Capital Markets downgraded Barrick Gold from a "moderate buy" rating to a "hold" rating and increased their price objective for the stock from C$70.00 to C$75.00 in a research note on Tuesday, April 7th. Four research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of C$70.23.

Barrick Gold Price Performance

Shares of ABX traded up C$0.07 during mid-day trading on Monday, reaching C$52.41. The company had a trading volume of 1,093,077 shares, compared to its average volume of 5,607,953. The company's 50 day simple moving average is C$54.54 and its 200 day simple moving average is C$59.10. The company has a market capitalization of C$87.81 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 2.34 and a beta of 1.60. 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 has a 1-year low of C$28.95 and a 1-year high of C$74.00.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX last issued its quarterly earnings data on Monday, May 11th. The basic materials company reported C$1.36 earnings per share for the quarter. Barrick Gold had a return on equity of 23.58% and a net margin of 32.14%.The business had revenue of C$5.81 billion for the quarter. Analysts expect that Barrick Gold will post 2.2422764 EPS for the current year.

Insiders Place Their Bets

In other Barrick Gold news, Director Mark Francis Hill sold 9,453 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of C$56.85, for a total value of C$537,403.05. Following the sale, the director owned 334,176 shares of the company's stock, valued at C$18,997,905.60. This trade represents a 2.75% decrease in their position. Also, Director Robert Ananda Paul Samek acquired 10,000 shares of the stock in a transaction dated Friday, June 5th. The shares were bought at an average price of C$55.06 per share, for a total transaction of C$550,600.00. Following the transaction, the director owned 18,900 shares in the company, valued at approximately C$1,040,634. This represents a 112.36% increase in their position. Over the last quarter, insiders have sold 134,422 shares of company stock worth $7,695,879. 0.60% of the stock is currently owned by corporate insiders.

Barrick Gold Company Profile

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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