Why Barrick Gold (ABX) Stock Is Down On Wednesday

NEW YORK (TheStreet) -- Shares of Barrick Gold Corp. (ABX) are down -2.27% to $15.53 on Wednesday, continuing a decline most of the gold sector saw on Tuesday when the group hit a 15 week low of $1,265.50 per ounce.

Gold prices have been struggling in recent weeks to move higher as conflict between Russia and the Ukraine continues, the Wall Street Journal reports.

Separately, Barrick Gold reached a deal with locals living on the Chilean-Argentine boarder that have opposed the company's South American Pascua-Lama mining project. Reuters reports.

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Following an investment of $5 million the world's largest gold miner had to pause production at the mine after environmental regulators demanded an infrastructure be built in order to prevent water pollution.

Both sides have reached an agreement which will last for six months, during that time Barrick must supply the community with details regarding its project.

TheStreet Ratings team rates BARRICK GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

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