Scotiabank Reiterates $26.00 Price Target for Barrick Mining (NYSE:B)

Barrick Mining (NYSE:B) (TSE:ABX) has been given a $26.00 target price by Scotiabank in a research report issued on Wednesday, Marketbeat.com reports. The firm currently has a “sector perform” rating on the gold and copper producer’s stock. Scotiabank’s price target would suggest a potential upside of 7.93% from the company’s previous close.

A number of other brokerages have also recently issued reports on B. Wall Street Zen cut shares of Barrick Mining from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 9th. Cibc World Mkts raised shares of Barrick Mining from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. Royal Bank Of Canada set a $26.00 price target on shares of Barrick Mining and gave the stock an “outperform” rating in a report on Wednesday, July 2nd. BMO Capital Markets started coverage on shares of Barrick Mining in a report on Wednesday, April 16th. They issued a “market perform” rating on the stock. Finally, CIBC raised shares of Barrick Mining from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $24.77.

Barrick Mining Trading Up 2.0%

Shares of B stock opened at $24.09 on Wednesday. The company’s fifty day simple moving average is $21.53 and its two-hundred day simple moving average is $19.70. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.53. Barrick Mining has a 1 year low of $15.11 and a 1 year high of $24.15. The stock has a market capitalization of $41.10 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 0.37 and a beta of 0.27.

Barrick Mining (NYSE:B) (TSE:ABX) last issued its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.47. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The business had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.60 billion. During the same quarter in the previous year, the firm posted $0.32 EPS. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, analysts anticipate that Barrick Mining will post 1.47 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. purchased a new stake in Barrick Mining during the second quarter valued at about $25,000. Crowley Wealth Management Inc. purchased a new stake in Barrick Mining during the second quarter valued at about $26,000. Concord Wealth Partners purchased a new stake in Barrick Mining during the second quarter valued at about $26,000. Ameriflex Group Inc. purchased a new stake in Barrick Mining during the second quarter valued at about $27,000. Finally, Trifecta Capital Advisors LLC purchased a new stake in Barrick Mining during the second quarter valued at about $27,000. Institutional investors own 90.82% of the company’s stock.

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.