NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are down 0.19% to $21.31 in mid-afternoon trading on Thursday after announcing a fiscal 2016 second quarter revenue miss after Wednesday's market close.
The company reported revenue of $2.01 billion, missing analysts' estimates of $2.07 billion.
Barrick Gold reported earnings of 14 cents, which were in-line with analysts' estimates.
Revenue this quarter was hurt by "lower production as a result of non-core asset sales."
The company also reduced total debt by $968 million year-to-date and reiterated its goal to reach $2 billion debt reduction by the end of the year.
Additionally, gold for December delivery is up 0.50% to $1,341.10 on the COMEX this afternoon.
Barrick Gold is a Toronto-based company engaged in the production and sale of gold, as well as related activities, such as exploration and mine development.
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