Raymond James Financial Cuts Barrick Gold (TSE:ABX) Price Target to C$56.00

Key Points

• Raymond James cut Barrick Gold’s price target from C$58 to C$56 while maintaining an “outperform” rating, implying roughly 0.28% downside from the prior close.
• Analyst sentiment remains positive overall, with a consensus “Buy” rating and an average target price of C$67.75, despite several brokerages recently lowering their targets.
• Barrick shares fell 1.5% to C$56.16. The company reported C$1.17 quarterly EPS and C$6.06 billion in revenue, while recent insider activity included both a director purchase and additional insider selling.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX had its price target cut by equities researchers at Raymond James Financial from C$58.00 to C$56.00 in a report released on Tuesday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the basic materials company's stock. Raymond James Financial's price objective would indicate a potential downside of 0.28% from the company's previous close.

Several other brokerages have also recently issued reports on ABX. Royal Bank Of Canada reduced their target price on shares of Barrick Gold from C$51.00 to C$49.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Citigroup reduced their target price on Barrick Gold from C$48.00 to C$41.00 and set a "neutral" rating for the company in a report on Monday, July 27th. ATB Cormark Capital Markets lowered their price target on shares of 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. JPMorgan Chase & Co. dropped their target price on Barrick Gold from C$91.00 to C$79.00 in a report on Thursday, April 23rd. Finally, Sanford C. Bernstein increased their price objective on Barrick Gold from C$86.00 to C$91.00 in a research report on Monday, April 20th. Four equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of C$67.75.

Barrick Gold Stock Down 1.5%

Shares of ABX stock traded down C$0.87 during trading hours on Tuesday, reaching C$56.16. 1,936,582 shares of the company's stock were exchanged, compared to its average volume of 5,618,163. The stock's fifty day moving average price is C$53.95 and its two-hundred day moving average price is C$58.07. The stock has a market cap of C$94.10 billion, a PE ratio of 15.51, a PEG ratio of 2.34 and a beta of 1.60. The company has a current ratio of 3.06, a quick ratio of 2.62 and a debt-to-equity ratio of 17.29. Barrick Gold has a 1 year low of C$31.62 and a 1 year high of C$74.00.

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 net margin of 32.14% and a return on equity of 23.58%. The business had revenue of C$6.06 billion for the quarter. Research analysts predict that Barrick Gold will post 2.2422764 EPS for the current year.

Insiders Place Their Bets

In other Barrick Gold news, Director Robert Ananda Paul Samek purchased 10,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of C$55.06 per share, with a total value of C$550,600.00. Following the completion of the acquisition, the director directly owned 18,900 shares of the company's stock, valued at C$1,040,634. This trade represents a 112.36% increase in their position. Also, Director Mark Francis Hill sold 9,453 shares of the company's stock in a transaction 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 completion of the transaction, the director owned 334,176 shares of the company's stock, valued at approximately C$18,997,905.60. The trade was a 2.75% decrease in their position. Insiders sold a total of 134,422 shares of company stock worth $7,695,879 over the last 90 days. 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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