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Barrick Gold +3% after strong Q2; production outlook maintained

28 July 2017

Zacks Investment Research cut shares of African Barrick Gold Ltd (NASDAQ:ABGLF) from a hold rating to a sell rating in a research note released on Monday.

The opening price for Barrick Gold Corporation (NYSE:ABX) was $15.9 and the volume amounted to 18.4 million shares which compares with the average volume of 11.96 million shares. The market capitalization of the company is at $19.09 Billion. The stock has advanced 10.50% to a low over the previous 12 months and showed declining move -40.98% to a high over the same period. The company has a 50-day moving average of $16.01 and a 200-day moving average of $17.58. Barrick Gold Corporation also was the recipient of unusually large options trading on Monday. Stock traders acquired 15,180 call options on the company. This is an increase of 168% compared to the typical daily volume of 5,656 call options. Stockholders of record on Thursday, August 31st will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Tuesday, August 29th. Barrick Gold Corporation's payout ratio is now 9.92%.

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A number of research firms recently weighed in on ABX. A leading worldwide independent investment bank, Moelis& Company (MC) reported that pricing of the previously reported public offering of 6,000,000 shares of its Class A common stock at a public offering price of $42 per share, which is expected to yield gross proceeds of around $252.0 million, before deducting underwriting discounts and commissions and estimated offering expenses.

Barrick Gold Corporation (ABX) now has P/E (Price to Earnings) ratio of 13.19 while the company's industry has 231.54 P/E and the sector P/E is 39.86. According to WSJ current research, the Company remained on "Buy" Spotlight from "5" Analysts. The company presently has an average rating of "Hold" and a consensus target price of $22.16.

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Several other hedge funds have also added to or reduced their stakes in ABX. The Firm maintains a diversified securities portfolio, which consists primarily of the common and preferred stocks of electric utility companies.

The counter witnessed a trading volume of 0.24 million shares versus an average volume of 0.3 million shares during last trading session. Quadrant Capital Group LLC boosted its position in Barrick Gold Corporation by 275.8% in the first quarter. Its Price to Cash Flow ratio shows the value of 5.46, whereas, the industry and sector ratio of Price to Cash Flow ticked at 21.83 and 13.37 respectively. Highland Capital Management LLC now owns 47,758 shares of the basic materials company's stock worth $760,000 after buying an additional 130 shares during the period. FNY Managed Accounts LLC bought a new position in Barrick Gold Corporation during the first quarter worth approximately $116,000. Currently, 1.2% of the company's stock are short sold. If you are reading this news story on another domain, it was stolen and republished in violation of United States & global trademark and copyright laws. If you are reading this story on another site, it was copied illegally and reposted in violation of US and global copyright law. The firm's revenue was up 7.4% on a year-over-year basis.

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Barrick Gold Corporation (Barrick) is a gold mining company. The Company's segments include Goldstrike, Cortez, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Acacia Mining plc (Acacia), Pascua-Lama and Other Mines.

Barrick Gold +3% after strong Q2; production outlook maintained