Barrick Mining (NYSE:B) Price Target Raised to $57.00

Barrick Mining (NYSE:B) (TSE:ABX) had its price objective increased by Canaccord Genuity Group from $39.00 to $57.00 in a research report sent to investors on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the gold and copper producer’s stock.

Several other equities research analysts also recently issued reports on the stock. UBS Group raised their target price on shares of Barrick Mining from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Scotiabank raised their price objective on shares of Barrick Mining from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 13th. Sanford C. Bernstein restated an “outperform” rating on shares of Barrick Mining in a research report on Wednesday, September 24th. Weiss Ratings restated a “buy (b)” rating on shares of Barrick Mining in a research report on Saturday, September 27th. Finally, National Bank Financial upgraded shares of Barrick Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.10.

Barrick Mining Trading Down 1.0%

Shares of NYSE:B opened at $32.73 on Thursday. Barrick Mining has a 52-week low of $15.11 and a 52-week high of $36.10. The company has a market capitalization of $55.72 billion, a P/E ratio of 20.58, a price-to-earnings-growth ratio of 0.54 and a beta of 0.30. The company has a 50-day simple moving average of $28.58 and a 200 day simple moving average of $22.95. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.53 and a current ratio of 3.21.

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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.60 billion. During the same period last year, the business posted $0.32 EPS. Barrick Mining’s revenue was up 16.4% on a year-over-year basis. Sell-side analysts forecast that Barrick Mining will post 1.47 earnings per share for the current year.

Barrick Mining Cuts Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in B. GAMMA Investing LLC increased its holdings in shares of Barrick Mining by 1,844.0% during the first quarter. GAMMA Investing LLC now owns 6,007 shares of the gold and copper producer’s stock worth $117,000 after purchasing an additional 5,698 shares during the period. UMB Bank n.a. bought a new position in shares of Barrick Mining during the first quarter worth approximately $210,000. Farther Finance Advisors LLC increased its holdings in shares of Barrick Mining by 21.8% during the first quarter. Farther Finance Advisors LLC now owns 3,146 shares of the gold and copper producer’s stock worth $62,000 after purchasing an additional 563 shares during the period. Fifth Third Bancorp increased its holdings in shares of Barrick Mining by 28.9% during the first quarter. Fifth Third Bancorp now owns 5,644 shares of the gold and copper producer’s stock worth $110,000 after purchasing an additional 1,266 shares during the period. Finally, Sapient Capital LLC increased its holdings in shares of Barrick Mining by 0.5% during the first quarter. Sapient Capital LLC now owns 114,572 shares of the gold and copper producer’s stock worth $2,227,000 after purchasing an additional 624 shares during the period. 90.82% of the stock is 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.