Barrick Gold Corporation (ABX) : Analyst Rating Update

Barrick Gold Corporation (ABX) : The consensus on Barrick Gold Corporation (ABX) based on 15 analyst recommendation on the company stock is 2.73, which is interpreted as a Hold recommendation. Zacks Investment Research has issued a rank of 3 which endorses a Hold on the stock. However, 3 brokers have a differing view as they consider the stock to be a Strong Buy at current levels. 11 experts consider that the stocks earnings and the quoted price is in harmony, hence, they give it a Hold rating. 1 analyst sees the stock overvalued at current levels and advises a Strong Sell on the stock.

Barrick Gold Corporation (ABX) : The highest short term price target forecast on Barrick Gold Corporation (ABX) is $24 and the lowest target price is $11. A total of 12 equity analysts are currently covering the company. The average price of all the analysts is $16.92 with a standard deviation of $4.09.

Barrick Gold Corporation (NYSE:ABX): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $22.82 and $22.76 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $23.47. The buying momentum continued till the end and the stock did not give up its gains. It closed at $23.16, notching a gain of 3.39% for the day. The total traded volume was 27,343,639 . The stock had closed at $22.40 on the previous day.

Also, CIBC upgrades its rating on Barrick Gold Corporation (NYSE:ABX). Analysts at the CIBC have a current rating of Outperform on the shares. The rating by the firm was issued on June 27, 2016. The company shares have rallied 117.48% from its 1 Year high price. On Jul 5, 2016, the shares registered one year high at $22.63 and the one year low was seen on Sep 23, 2015. The 50-Day Moving Average price is $19.20 and the 200 Day Moving Average price is recorded at $14.48.

Barrick Gold Corporation (Barrick) is a gold mining company. The Company is engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company operates in segments: eight individual gold mines, Acacia and Pascua-Lama project. The remaining operating segments have been grouped into two other categories: its remaining gold mines and its two copper mines. The Company sells its production in the world market through the distribution channels: gold bullion is sold in the gold spot market; gold and copper concentrate is sold to independent smelting companies, and copper cathode is sold to various manufacturers and traders. The Company has 14 producing gold mines, located in Canada, the United States, Peru, Argentina, Australia, the Dominican Republic and Papua New Guinea. It also holds a 63.9% equity interest in Acacia Mining plc (Acacia) that owns gold mines and exploration properties in Africa.

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