Barrick Gold Corporation (USA) (ABX) Shares Up After Gold Price Increases on Weaker Dollar

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Barrick Gold Corporation (USA) (NYSE:ABX) shares are up today in morning trading, following the cue from gold itselt which is trading up over 2% today on a weaker dollar. The US Dollar moved lower against the Euro as the Central Bank of Europe elected to hold off on any further stimulus.

Barrick Gold Corporation (USA) (NYSE:ABX) shares are rallying beyond that of gold itself though, as traders look to invest into the largest gold mining company in the world. Headquartered in Toronto, Canada, the company continues to undertake new gold mining projects on a constant basis.

The stock is up 6.47% or $0.49 following the news, hitting $8.06 per share. About 10.58M shares traded hands. ABX has declined 42.08% since May 1, 2015 and is downtrending. It has underperformed the S&P500 by 39.30%.

From a total of 9 analysts covering Barrick Gold Corp. (NYSE:ABX) stock, 2 rate it a “Buy”, 1 a “Sell”, and 6 a “Hold”. This means that 22% of the ratings are positive. The highest target price is $15 while the lowest target price is $7.50. The mean of all analyst targets is $10.38 which is 28.78% above today’s ($8.06) stock price. Barrick Gold Corp. was the topic of 16 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on September 18 with a “Sector Perform” rating. JP Morgan maintained shares with a”Hold” rating and a $10.50 target share price in their report from an August 12. Sterne Agee CRT maintained ABX stock in a recent report from August 17 with a “Neutral” rating. Finally, Deutsche Bank upgraded the stock to a “Buy” rating in a report they issued on an August 13.

Barrick Gold Corporation is a gold mining company. The company has a market cap of $9.00 billion. The Firm is engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. It currently has negative earnings. The Firm operates in divisions: eight individual gold mines, Acacia and Pascua-Lama project.

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