Barrick Mining (NYSE:B) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Barrick Mining (NYSE:B) (TSE:ABX) from a neutral rating to a buy rating in a research report report published on Monday, MarketBeat reports. The firm currently has $48.00 target price on the gold and copper producer’s stock, up from their previous target price of $38.00.

Other equities analysts have also recently issued reports about the company. Royal Bank Of Canada lifted their price target on Barrick Mining from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Scotiabank raised Barrick Mining from a “sector perform” rating to a “sector outperform” rating and raised their target price for the company from $27.50 to $43.00 in a research note on Thursday, October 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Barrick Mining in a report on Monday, November 17th. BMO Capital Markets reiterated a “market perform” rating on shares of Barrick Mining in a research report on Monday, September 22nd. Finally, CIBC upped their price target on shares of Barrick Mining from $38.00 to $50.00 and gave the company an “outperformer” rating in a report on Friday, October 10th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $43.90.

Barrick Mining Stock Up 8.2%

B stock opened at $39.56 on Monday. The firm’s 50-day moving average is $33.83 and its two-hundred day moving average is $26.30. The company has a market capitalization of $66.75 billion, a price-to-earnings ratio of 24.88, a price-to-earnings-growth ratio of 0.40 and a beta of 0.28. Barrick Mining has a 52 week low of $15.11 and a 52 week high of $39.64. The company has a current ratio of 3.21, a quick ratio of 2.53 and a debt-to-equity ratio of 0.14.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its quarterly earnings data on Monday, November 10th. The gold and copper producer reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.01. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The business had revenue of $4.19 billion during the quarter, compared to analysts’ expectations of $4.20 billion. During the same period last year, the firm posted $0.09 earnings per share. The business’s revenue was up 23.2% on a year-over-year basis. On average, analysts forecast that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be given a $0.175 dividend. This is a positive change from Barrick Mining’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, November 28th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.8%. Barrick Mining’s dividend payout ratio is 33.82%.

Institutional Trading of Barrick Mining

A number of hedge funds have recently bought and sold shares of B. Greenfield Seitz Capital Management LLC acquired a new position in shares of Barrick Mining in the third quarter worth about $10,783,000. CIBC Private Wealth Group LLC lifted its position in shares of Barrick Mining by 58.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,973 shares of the gold and copper producer’s stock valued at $130,000 after acquiring an additional 1,458 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Barrick Mining in the 3rd quarter valued at approximately $299,000. Captrust Financial Advisors boosted its stake in Barrick Mining by 12.0% in the 3rd quarter. Captrust Financial Advisors now owns 200,642 shares of the gold and copper producer’s stock worth $6,575,000 after purchasing an additional 21,449 shares during the period. Finally, Coldstream Capital Management Inc. purchased a new position in Barrick Mining during the 3rd quarter worth approximately $240,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

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.