As Barrick Gold Corp (ABX) Market Valuation Declined, Shareholder Old West Investment Management LLC Increased Its Holding

October 2, 2018 - By Nellie Frank

Barrick Gold Corporation (NYSE:ABX) Logo

Old West Investment Management Llc increased its stake in Barrick Gold Corp (ABX) by 307.22% based on its latest 2018Q2 regulatory filing with the SEC. Old West Investment Management Llc bought 516,766 shares as the company’s stock declined 22.76% while stock markets rallied. The hedge fund held 684,972 shares of the precious metals company at the end of 2018Q2, valued at $8.99 million, up from 168,206 at the end of the previous reported quarter. Old West Investment Management Llc who had been investing in Barrick Gold Corp for a number of months, seems to be bullish on the $12.87 billion market cap company. The stock increased 0.54% or $0.06 during the last trading session, reaching $11.14. About 12.27 million shares traded. Barrick Gold Corporation (NYSE:ABX) has declined 42.17% since October 2, 2017 and is downtrending. It has underperformed by 57.79% the S&P500.

Old West Investment Management Llc, which manages about $207.40 million and $199.04 million US Long portfolio, decreased its stake in Enphase Energy Inc (NASDAQ:ENPH) by 554,967 shares to 919,651 shares, valued at $6.19 million in 2018Q2, according to the filing.

More recent Barrick Gold Corporation (NYSE:ABX) news were published by: Seekingalpha.com which released: “Merger Arbitrage Mondays – October 1, 2018” on October 02, 2018. Also Seekingalpha.com published the news titled: “Barrick Gold: Looking For A Rebound” on September 03, 2018. Seekingalpha.com‘s news article titled: “Culture Clash In Barrick/Randgold Merger Could Be Hugely Beneficial” with publication date: September 28, 2018 was also an interesting one.

Barrick Gold Corporation (NYSE:ABX) Ratings Coverage

Among 7 analysts covering Barrick Gold Corporation Common Stock (NYSE:ABX), 2 have Buy rating, 1 Sell and 4 Hold. Therefore 29% are positive. Barrick Gold Corporation Common Stock had 8 analyst reports since April 23, 2018 according to SRatingsIntel. On Monday, September 17 the stock rating was maintained by JP Morgan with “Neutral”. The stock of Barrick Gold Corporation (NYSE:ABX) has “Hold” rating given on Monday, April 23 by Canaccord Genuity. As per Tuesday, June 12, the company rating was downgraded by Morgan Stanley. The rating was upgraded by TD Securities on Tuesday, September 25 to “Buy”. Citigroup upgraded Barrick Gold Corporation (NYSE:ABX) rating on Tuesday, September 25. Citigroup has “Buy” rating and $14 target. On Monday, August 6 the stock rating was downgraded by Jefferies to “Hold”. The stock of Barrick Gold Corporation (NYSE:ABX) earned “Neutral” rating by Citigroup on Wednesday, August 29. The firm has “Sector Perform” rating by RBC Capital Markets given on Monday, July 30.

Barrick Gold Corporation (NYSE:ABX) Ratings Chart

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