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Barrick Gold Corporation (NYSE: ABX) is a Toronto-based mining company involved in the production and sale of gold. The company is also engaged in exploration and mine development. The company’s mines are concentrated in four regional business units; North America, South America, Africa and Australia Pacific.
Analysts at TD Newcrest, on Tuesday, raised the 12-month price target for Barrick Gold from $59 to $61, citing higher-than-expected gold production estimates. In its research note, TD Newcrest noted that the shift toward better defining growth trajectory is encouraging; however, organic growth is not likely to be enough for the company to maintain 8.5 million-9 million ounces of annual production much beyond 2015.
Barrick Gold stock has a 52-week range of $33.65-$49.66. It is currently trading above its 50-day and 200-day moving averages. The stock has a support level at $47.22 and a resistance level at $48.76. Year-to-date, the stock is up 25.42%.
Newmont Mining Corporation (NYSE: NEM) is a Greenwood Village, Colorado-based gold producing company with assets or operations in the U.S., Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico.
Newmont Mining will announce its third-quarter financial results on November 2, 2010. For the second quarter of 2010, the company reported adjusted net income of $377 million, or $0.77 per share, compared with $211 million, or $0.43 per share reported in the second quarter of 2009. The company also raised its regular quarterly dividend from $0.10 per share to $0.15 per share.
Newmont Mining stock has a 52-week range of $41.45-$65.50. It is currently trading above its 50-day and 200-day moving averages. The stock has a support level at $61.36 and a resistance level at $63.15. Year-to-date, the stock is up 33.59%.
Kinross Gold Corporation (NYSE: KGC) is a Toronto based company engaged in gold mining and related activities. The company’s gold production and exploration activities are carried out mainly in the U.S., Brazil, Chile, Ecuador and the Russian Federation.
Kinross will report its third-quarter financial results on November 3, 2010. For the second quarter of 2010, the company reported gold production of 538,270 ounces, down 4% over the second quarter of 2009. The company posted second-quarter revenue of $696.6 million, compared with $598.1 million reported in the second quarter of 2009.
The Kinross stock has a 52-week range of $14.84-$23.91. The stock is currently trading above its 50-day and 200-day moving averages. It has a support level at $18.76 and a resistance level at $19.09. Year-to-date, the stock is up 7.23%.
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Tagged as: ABX, KGC, NEMAbout BeaconEquity.com
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