Barrick Mining (NYSE:B) Price Target Raised to $36.00 at Raymond James Financial

Barrick Mining (NYSE:B) (TSE:ABX) had its price objective raised by Raymond James Financial from $32.00 to $36.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has an outperform rating on the gold and copper producer’s stock.

A number of other research firms have also recently weighed in on B. UBS Group raised their price target on Barrick Mining from $26.00 to $35.00 and gave the company a “buy” rating in a report on Friday. CIBC raised their price target on Barrick Mining from $30.00 to $38.00 and gave the company an “outperformer” rating in a report on Monday. Zacks Research cut Barrick Mining from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 21st. Royal Bank Of Canada set a $26.00 price target on Barrick Mining and gave the company an “outperform” rating in a report on Wednesday, July 2nd. Finally, National Bank Financial raised Barrick Mining from a “sector perform” rating to an “outperform” rating in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.00.

Barrick Mining Trading Up 7.2%

Shares of B opened at $35.37 on Monday. Barrick Mining has a 1 year low of $15.11 and a 1 year high of $35.70. The company has a current ratio of 3.21, a quick ratio of 2.53 and a debt-to-equity ratio of 0.14. The stock has a 50 day simple moving average of $25.12 and a 200-day simple moving average of $21.54. The stock has a market cap of $60.23 billion, a PE ratio of 22.25, a PEG ratio of 0.58 and a beta of 0.27.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.47. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The firm had revenue of $3.72 billion during the quarter, compared to analysts’ expectations of $3.60 billion. During the same period last year, the firm posted $0.32 EPS. The business’s revenue was up 16.4% on a year-over-year basis. On average, sell-side analysts predict that Barrick Mining will post 1.47 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, August 29th. This represents a $0.60 annualized dividend and a yield of 1.7%. Barrick Mining’s payout ratio is currently 37.74%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC lifted its holdings in Barrick Mining by 1,919.0% during the first quarter. Penserra Capital Management LLC now owns 2,968 shares of the gold and copper producer’s stock worth $56,000 after acquiring an additional 2,821 shares in the last quarter. Hedges Asset Management LLC acquired a new stake in shares of Barrick Mining in the 2nd quarter valued at about $1,249,000. Chemistry Wealth Management LLC acquired a new stake in shares of Barrick Mining in the 2nd quarter valued at about $246,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Barrick Mining by 14.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 73,636 shares of the gold and copper producer’s stock valued at $1,141,000 after purchasing an additional 9,149 shares during the period. Finally, Sequoia Financial Advisors LLC raised its stake in shares of Barrick Mining by 24.4% in the 1st quarter. Sequoia Financial Advisors LLC now owns 20,795 shares of the gold and copper producer’s stock valued at $404,000 after purchasing an additional 4,082 shares during the period. 90.82% of the stock is currently owned by institutional investors.

Barrick Mining Company Profile

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.