Bank of America Forecasts Strong Price Appreciation for Barrick Mining (NYSE:B) Stock

Barrick Mining (NYSE:B) (TSE:ABX) had its price objective boosted by research analysts at Bank of America from $36.00 to $38.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the gold and copper producer’s stock. Bank of America‘s price objective would indicate a potential upside of 13.75% from the stock’s current price.

A number of other brokerages have also recently weighed in on B. National Bankshares raised Barrick Mining to an “outperform” rating in a research report on Monday, September 22nd. Wall Street Zen raised Barrick Mining from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 11th. Citigroup boosted their price target on Barrick Mining from $21.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday. National Bank Financial raised Barrick Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, September 22nd. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Barrick Mining in a research note on Monday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Barrick Mining has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Barrick Mining Price Performance

B opened at $33.41 on Thursday. The stock has a market cap of $56.88 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 0.58 and a beta of 0.30. Barrick Mining has a 1 year low of $15.11 and a 1 year high of $36.40. 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 fifty day moving average price of $29.71 and a 200 day moving average price of $23.43.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. acquired a new position in shares of Barrick Mining in the 2nd quarter valued at $1,459,633,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Barrick Mining in the 2nd quarter valued at $1,091,122,000. First Eagle Investment Management LLC bought a new stake in shares of Barrick Mining in the 2nd quarter valued at $822,056,000. TD Asset Management Inc bought a new stake in shares of Barrick Mining in the 2nd quarter valued at $386,328,000. Finally, Ninety One UK Ltd bought a new stake in shares of Barrick Mining in the 2nd quarter valued at $326,862,000. Institutional investors and hedge funds 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.