Barrick Gold (ABX) Stock Up, Could Be Debt-Free by 2026
NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are up 0.11% to $22.38 in late-afternoon trading as gold prices rise.
Gold for August delivery is up 0.12% to $1,363.70 per ounce on the COMEX.
The company's president, Kelvin Dushnisky, expressed confidence today that Barrick Gold would lose all of its $9 billion debt in the next 10 years.
"It's not unreasonable," Dushnisky said to Bloomberg. He added that selling the debt is dependent on the price of gold.
"Our intent is to be strong investment grade, and we'd like to be in the position where we have no corporate debt," he said.
Gold prices fell earlier today as the U.S. June jobs report showed a rapid increase in job creation this past month, spurring confidence in the market. The precious metal is still closing in on its sixth week of gains, however.
Barrick Gold is a Toronto-based mining company.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
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, TheStreet Ratings finds 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
Recently, 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.