Barrick Mining (NYSE:B) Stock Price Up 7.2% Following Analyst Upgrade

Barrick Mining Corporation (NYSE:B) (TSE:ABX) shares rose 7.2% during trading on Friday after Bank of America raised their price target on the stock from $29.00 to $34.00. Bank of America currently has a neutral rating on the stock. Barrick Mining traded as high as $31.97 and last traded at $32.22. Approximately 6,699,324 shares changed hands during trading, a decline of 65% from the average daily volume of 19,372,758 shares. The stock had previously closed at $30.07.

A number of other research firms have also weighed in on B. Zacks Research lowered Barrick Mining from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 21st. Raymond James Financial set a $32.00 price objective on Barrick Mining in a research note on Thursday. Scotiabank upped their price target on Barrick Mining from $25.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 13th. Wall Street Zen lowered Barrick Mining from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, Cibc World Mkts raised Barrick Mining from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Barrick Mining has an average rating of “Moderate Buy” and an average target price of $28.78.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vermillion Wealth Management Inc. purchased a new position in Barrick Mining during the 2nd quarter worth approximately $25,000. Crowley Wealth Management Inc. acquired a new stake in shares of Barrick Mining in the second quarter valued at approximately $26,000. Concord Wealth Partners acquired a new stake in shares of Barrick Mining in the second quarter valued at approximately $26,000. Ameriflex Group Inc. acquired a new stake in shares of Barrick Mining in the second quarter valued at approximately $27,000. Finally, Trifecta Capital Advisors LLC acquired a new stake in shares of Barrick Mining in the second quarter valued at approximately $27,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Mining Price Performance

The firm has a market capitalization of $56.18 billion, a price-to-earnings ratio of 20.75, a P/E/G ratio of 0.53 and a beta of 0.28. The company has a fifty day moving average price of $24.84 and a two-hundred day moving average price of $21.38. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share for the quarter, meeting the consensus estimate of $0.47. The business had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The company’s revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 earnings per share. On average, equities research analysts expect that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, August 29th. Barrick Mining’s dividend payout ratio is presently 37.74%.

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.