Barrick Gold Corp (NYSE:ABX) had its target price boosted by Credit Suisse from $20.00 to $22.00 in a report issued on Tuesday, Stock Ratings Network reports. They currently have a neutral rating on the stock.
“Raising TP as ABX improves medium term cash flow and liquidity profile. Focussing on higher margin ounces, Credit Suisse lowers LT production and cost estimates. LT we like mgmt.’s focus on FCF and returns but a few key risks remain, keeping us at Neutral. First, high debt leverage relative to peers, with asset sales needed to expedite de-leveraging. Second, the current gold price, with $1,300/oz a key pinch point. Third is Pascua capex uncertainty.,” Credit Suisse’s analyst wrote.
Credit Suisse has also updated their ratings on a number of other basic materials stocks in the last week. The firm reiterated its outperform rating on shares of EV Energy. They have a $53.00 price target on that stock, down previously from $57.00. Also, Credit Suisse downgraded shares of Crosstex Energy LP from an outperform rating to a neutral rating. Their analysts now have a $24.00 price target on that stock, down previously from $25.00. Finally, Credit Suisse downgraded shares of Calumet Specialty Products Partners, L.P from an outperform rating to a neutral rating. Their analysts now have a $33.00 price target on that stock, down previously from $40.00.
Shares of Barrick Gold Corp (NYSE:ABX) traded up 0.64% during mid-day trading on Tuesday, hitting $18.85. Barrick Gold Corp has a 52 week low of $13.43 and a 52 week high of $43.19. The stock’s 50-day moving average is currently $16.13. The company’s market cap is $18.872 billion.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Wednesday, August 28th.
ABX has been the subject of a number of other recent research reports. Analysts at Zacks reiterated an underperform rating on shares of Barrick Gold Corp in a research note to investors on Tuesday. They now have a $17.00 price target on the stock. Separately, analysts at TheStreet downgraded shares of Barrick Gold Corp from a hold rating to a sell rating in a research note to investors on Monday, August 5th. Finally, analysts at Jefferies Group raised their price target on shares of Barrick Gold Corp from $14.00 to $15.00 in a research note to investors on Friday, August 2nd. They now have a hold rating on the stock.
Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company. Barrick Gold Corp currently has a consensus rating of Hold and an average price target of $25.77.
Barrick Gold Corporation (NYSE:ABX) is engaged in the production and sale of gold, as well as related activities.
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