Barrick Gold (ABX) Stock Advancing on Rising Oil Prices
NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are up 0.77% to $21.57 in late-afternoon trading, as gold prices reverse some of today's earlier losses.
Gold for August delivery is up 0.17% to $1,329.60 per ounce on the COMEX this afternoon.
Earlier today, the price of the precious metal declined 1% after investors' risk appetite rose after a failed coup attempt in Turkey late Friday, Reuters reports.
"Gold prices are feeling some kind of pressure because of the increasing easing of risk aversion," Mark To, head of research at Hong Kong's Wing Fung Financial Group, told Reuters.
Barrick Gold is a Toronto-based mining company.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate BARRICK GOLD CORP as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity.
You can view the full analysis from the report here: ABX
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