Barrick Gold Corp (ABX) Trading Down 7.1% Following Analyst Downgrade

Barrick Gold Corp (TSE:ABX) (NYSE:ABX) fell 7.1% during trading on Thursday after CSFB lowered their price target on the stock to C$24.00. CSFB currently has a neutral rating on the stock. Barrick Gold Corp traded as low as C$18.71 and last traded at C$18.75. 3,875,678 shares were traded during trading, an increase of 71% from the average session volume of 2,262,300 shares. The stock had previously closed at C$20.19.

Several other brokerages have also recently commented on ABX. BMO Capital Markets reissued a “market perform” rating and set a C$18.00 price target on shares of Barrick Gold Corp in a research report on Friday, October 13th. Scotiabank reissued a “sector perform” rating and set a C$30.00 price target on shares of Barrick Gold Corp in a research report on Tuesday, July 4th. TD Securities reissued a “hold” rating and set a C$27.00 price target on shares of Barrick Gold Corp in a research report on Tuesday, July 4th. Finally, Canaccord Genuity cut their price target on shares of Barrick Gold Corp from C$30.00 to C$27.50 in a research report on Friday, September 29th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Barrick Gold Corp has a consensus rating of “Hold” and a consensus price target of C$25.00.

The firm has a 50-day moving average of $20.62 and a 200-day moving average of $21.64. The stock has a market cap of $21.97 billion and a P/E ratio of 9.33.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be given a dividend of $0.037 per share. This is a positive change from Barrick Gold Corp’s previous quarterly dividend of $0.03. This represents a $0.15 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date is Wednesday, November 29th.

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About Barrick Gold Corp

Barrick Gold Corporation (Barrick) is a gold mining company. The Company is principally engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company’s segments include Goldstrike, Cortez, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Acacia Mining plc (Acacia), Pascua-Lama and Other Mines.

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