Stock Update (NYSE:ABX): Barrick Gold Corporation (USA) Announces

8/6/2015 – Barrick Gold had its price target lowered by analysts at Credit Suisse from $12.50 to $11.50.

7/31/2015 – Barrick Gold was upgraded by analysts at Canaccord Genuity from a “sell” rating to a “hold” rating. They now have a “buy” rating on the stock.

In addition, the sell-side firm stated that Barrick Gold will receive $610 million in upfront and ongoing payments to sell gold and silver to Royal Gold from Pueblo Viejo (PV).

However, the tailwinds for Barrick may now come during the second half of fiscal year 2015 (2HFY15, ending December 31, 2015). Sales fell by double-digits, and missed expectations. The company intends to shift its production skew and also implement across-the-board cost reductions. However, given that gold prices are likely to remain fairly weak this year, Barrick’s short-term prospects are unlikely to improve significantly. Moreover, uncertainties surrounding the Pascua-Lama project continue to weigh on Barrick’s share price. “As President, Kelvin will ensure the entire company remains focused on our primary objective, maximizing free cash flow per share from a portfolio of high-quality gold assets in our core regions”.

JPMorgan Chase & Co. The stock now has a consensus rating of Hold and a consensus price target of $13.12. Barrick Gold has a 12-month low of $6.52 and a 12-month high of $18.83. The Gold Producing company is now valued at $9.17 billion and its share price closed the last trading session at $7.87.

The company says the management changes are part of its overall strategy to become a more cost-effective business. The 52-week high of the share price is $19.09 and the company has a market cap of $9,169 million.

Barrick Gold Corporation has dropped 41.21% during the last 3-month period.

A U.S. regulator sued Bank of New York Mellon Corp (NYSE:BK) on Wednesday over $2.06 billion in residential mortgage-backed securities purchased by a failed Texas bank, and accused it of breaching its duties as bond trustee to protect investors. During the same quarter last year, the business earned $0.14 EPS. Analysts anticipate that Barrick Gold Co. will post $0.37 earnings per share for the current year. Registered shareholders who wish to participate in the Plan for the September 15, 2015 dividend must deliver a Plan enrolment form to the Agent no later than 5:00 p.m. Eastern Standard Time on Monday, August 24, 2015. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Thursday, August 27th.

General Electric Company (NYSE:GE) reported an investment of $100-plus million in a new topload washer design and expanded manufacturing capability at its laundry plant in Louisville. The Company is engaged in associated activities, such as exploration and mine development and sale of copper and gold, together with the generation.