Barrick Gold (TSE:ABX) Shares Pass Above 200-Day Moving Average - What's Next?

Key Points

• Barrick Gold shares crossed above their 200-day moving average, reaching C$61.70 before closing at C$60.52, compared with a 200-day average of C$57.42.
• Analyst sentiment remains positive, with a consensus “Buy” rating and average price target of C$67.67, although several brokerages recently lowered their targets.
• Barrick reported quarterly EPS of C$1.17 on C$6.06 billion in revenue, while insiders sold approximately 121,874 shares worth C$7.74 million over the past three months.

Barrick Gold Co. (TSE:ABX - Get Free Report) NYSE: ABX crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$57.42 and traded as high as C$61.70. Barrick Gold shares last traded at C$60.52, with a volume of 2,257,667 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ABX. Royal Bank Of Canada lowered their price target on Barrick Gold from C$51.00 to C$49.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Raymond James Financial cut their price objective on shares of Barrick Gold from C$58.00 to C$56.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 11th. Barclays increased their target price on shares of Barrick Gold from C$55.00 to C$58.00 in a research note on Thursday, August 13th. Citigroup upgraded shares of Barrick Gold to a "hold" rating in a report on Thursday, September 3rd. Finally, ATB Cormark Capital Markets dropped their price target on shares of Barrick Gold from C$60.00 to C$57.00 and set a "sector perform" rating for the company in a research note on Tuesday, August 11th. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of C$67.67.

Barrick Gold Price Performance

The stock has a market capitalization of C$99.61 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 2.34 and a beta of 1.68. The company has a quick ratio of 2.62, a current ratio of 3.01 and a debt-to-equity ratio of 17.15. The stock's 50 day moving average price is C$56.94 and its 200-day moving average price is C$57.42.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX last posted its quarterly earnings results on Monday, August 10th. The basic materials company reported C$1.17 EPS for the quarter. The firm had revenue of C$6.06 billion for the quarter. Barrick Gold had a net margin of 31.60% and a return on equity of 24.57%. As a group, equities analysts forecast that Barrick Gold Co. will post 2.2422764 EPS for the current year.

Insider Buying and Selling

In related news, Director Mark Francis Hill sold 9,453 shares of Barrick Gold stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of C$56.85, for a total transaction of C$537,403.05. Following the transaction, the director directly 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 ownership of the stock. Also, insider Darian Kevin Rich sold 75,452 shares of Barrick Gold stock in a transaction on Monday, August 24th. The shares were sold at an average price of C$67.99, for a total value of C$5,129,981.48. Following the completion of the transaction, the insider owned 235,252 shares in the company, valued at C$15,994,783.48. This represents a 24.28% decrease in their ownership of the stock. Insiders sold a total of 121,874 shares of company stock valued at $7,735,061 over the last three months. 0.60% of the stock is owned by company insiders.

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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