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

Barrick Gold (TSE:ABX) (NYSE:ABX) had its price objective reduced by Citigroup from C$48.00 to C$41.00 in a report issued on Monday morning,BayStreet.CA reports. They currently have a neutral rating on the basic materials company’s stock.

A number of other research firms also recently commented on ABX. ATB Cormark Capital Markets downgraded shares of Barrick Gold from a “moderate buy” rating to a “hold” rating and lifted their target price for the stock from C$70.00 to C$75.00 in a research report on Tuesday, April 7th. Sanford C. Bernstein lifted their price target on shares of Barrick Gold from C$86.00 to C$91.00 in a report on Monday, April 20th. National Bank Financial dropped their price objective on Barrick Gold from C$75.00 to C$67.50 and set an “outperform” rating for the company in a research note on Tuesday, July 14th. Barclays cut their target price on shares of Barrick Gold from C$56.00 to C$55.00 in a research note on Thursday, July 16th. Finally, JPMorgan Chase & Co. reduced their price objective on Barrick Gold from C$91.00 to C$79.00 in a research note on Thursday, April 23rd. 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of C$70.23.

Barrick Gold Stock Performance

TSE ABX opened at C$51.11 on Monday. Barrick Gold has a 52-week low of C$28.99 and a 52-week high of C$74.00. The company has a 50-day simple moving average of C$54.32 and a 200 day simple moving average of C$58.81. The company has a market capitalization of C$85.64 billion, a PE ratio of 14.12, a price-to-earnings-growth 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 (TSE:ABX) (NYSE:ABX) last posted its quarterly earnings results on Monday, May 11th. The basic materials company reported C$1.36 EPS for the quarter. Barrick Gold had a return on equity of 23.58% and a net margin of 32.14%.The firm had revenue of C$5.81 billion during the quarter. On average, research analysts predict that Barrick Gold will post 2.2422764 EPS for the current year.

Insider Buying and Selling

In other Barrick Gold news, Director Mark Francis Hill sold 88,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of C$57.85, for a total transaction of C$5,090,800.00. Following the transaction, the director directly owned 380,598 shares of the company’s stock, valued at C$22,017,594.30. This trade represents a 18.78% decrease in their ownership of the stock. Also, Director Robert Ananda Paul Samek bought 10,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was purchased 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 of the company’s stock, valued at approximately C$1,040,634. This represents a 112.36% increase in their ownership of the stock. Insiders sold 134,422 shares of company stock valued at $7,695,879 over the last three months. 0.60% of the stock is currently owned by corporate 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.