Barrick Gold (TSE:ABX) Stock Breaks Below 200 Day Moving Average - Here's Why

Key Points

• Barrick Gold shares fell below their 200-day moving average, trading as low as C$55.74 versus the C$56.90 average, with the stock last at C$55.84.
• Analyst sentiment remains positive but price targets were mixed; the consensus rating is “Buy” with a target price of C$67.67.
• Barrick reported quarterly revenue of C$6.06 billion and EPS of C$1.17, while maintaining strong profitability with a 31.60% net margin and 24.57% return on equity.

Shares of Barrick Gold Co. (TSE:ABX - Get Free Report) NYSE: ABX passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of C$56.90 and traded as low as C$55.74. Barrick Gold shares last traded at C$55.84, with a volume of 2,057,969 shares.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ABX. ATB Cormark Capital Markets lowered their target price on 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. Citigroup upgraded Barrick Gold to a "hold" rating in a research note on Thursday, September 3rd. National Bank Financial increased their price target on Barrick Gold from C$67.50 to C$70.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Royal Bank Of Canada lowered their price objective on Barrick Gold from C$51.00 to C$49.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Finally, Raymond James Financial dropped their price objective on Barrick Gold from C$58.00 to C$56.00 and set an "outperform" rating on the stock in a report on Tuesday, August 11th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of C$67.67.

Barrick Gold Price Performance

The company's 50-day moving average price is C$59.66 and its two-hundred day moving average price is C$56.90. The company has a market cap of C$91.91 billion, a P/E ratio of 14.43, a P/E/G ratio of 2.34 and a beta of 1.63. The company has a current ratio of 3.01, a quick ratio of 2.62 and a debt-to-equity ratio of 17.15.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX last issued its 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 net margin of 31.60% and a return on equity of 24.57%. The business had revenue of C$6.06 billion for the quarter. As a group, sell-side analysts expect that Barrick Gold Co. will post 2.2422764 earnings per share for the current year.

Insider Transactions at Barrick Gold

In other Barrick Gold news, 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 of the company's stock, valued at C$15,994,783.48. The trade was a 24.28% decrease in their ownership of the stock. Also, insider Sarah Anna Ball Teslik bought 12,613 shares of the stock in a transaction on Friday, August 21st. The shares were acquired at an average price of C$67.27 per share, with a total value of C$848,476.51. Following the purchase, the insider owned 12,613 shares of the company's stock, valued at C$848,476.51. The trade was a ∞ increase in their ownership of the stock. 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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