Barrick Mining (NYSE:B) Stock Price Expected to Rise, CIBC Analyst Says

Barrick Mining (NYSE:B) (TSE:ABX) had its price target upped by equities researchers at CIBC from $24.00 to $28.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the gold and copper producer’s stock. CIBC’s price target would suggest a potential upside of 31.98% from the stock’s previous close.

Several other equities analysts have also commented on the stock. BMO Capital Markets assumed coverage on shares of Barrick Mining in a research report on Wednesday, April 16th. They issued a “market perform” rating for the company. Raymond James Financial raised their price target on shares of Barrick Mining from $23.00 to $23.50 and gave the stock an “outperform” rating in a report on Monday, March 31st. National Bank Financial raised shares of Barrick Mining to a “hold” rating in a report on Friday, March 21st. Royal Bank Of Canada set a $26.00 target price on Barrick Mining and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Finally, Citigroup lowered their price target on Barrick Mining from $21.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday, March 31st. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.41.

Barrick Mining Trading Up 0.9%

Shares of NYSE:B opened at $21.22 on Tuesday. The company has a market capitalization of $36.19 billion, a PE ratio of 15.95, a P/E/G ratio of 0.34 and a beta of 0.28. The company has a current ratio of 2.87, a quick ratio of 2.16 and a debt-to-equity ratio of 0.14. Barrick Mining has a 12-month low of $17.41 and a 12-month high of $47.50. The business’s fifty day simple moving average is $20.09 and its 200-day simple moving average is $18.68.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. Barrick Mining had a net margin of 17.46% and a return on equity of 7.51%. The business had revenue of $3 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same period in the prior year, the firm posted $0.19 earnings per share. The company’s quarterly revenue was up 13.9% on a year-over-year basis. As a group, equities research analysts predict that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Institutional Trading of Barrick Mining

Institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its stake in Barrick Mining by 16.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 19,198 shares of the gold and copper producer’s stock valued at $298,000 after acquiring an additional 2,759 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Barrick Mining by 8.1% in the fourth quarter. Sequoia Financial Advisors LLC now owns 16,713 shares of the gold and copper producer’s stock valued at $259,000 after purchasing an additional 1,248 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of Barrick Mining by 2.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 671,039 shares of the gold and copper producer’s stock valued at $10,401,000 after purchasing an additional 15,915 shares in the last quarter. Madison Investment Advisors LLC acquired a new stake in shares of Barrick Mining in the fourth quarter valued at approximately $9,757,000. Finally, Signaturefd LLC lifted its position in Barrick Mining by 6.2% during the fourth quarter. Signaturefd LLC now owns 41,340 shares of the gold and copper producer’s stock worth $641,000 after buying an additional 2,415 shares in the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

About Barrick Mining

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.