Barrick Mining (NYSE:B) Reaches New 12-Month High Following Analyst Upgrade

Barrick Mining Corporation (NYSE:B) (TSE:ABX)’s stock price reached a new 52-week high during mid-day trading on Monday after Bank of America upgraded the stock from a neutral rating to a buy rating. Bank of America now has a $48.00 price target on the stock, up from their previous price target of $38.00. Barrick Mining traded as high as $38.82 and last traded at $38.6650, with a volume of 5134320 shares trading hands. The stock had previously closed at $36.55.

Several other research analysts have also recently issued reports on the company. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Barrick Mining in a research report on Wednesday, September 24th. National Bank Financial upgraded Barrick Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, September 22nd. Canaccord Genuity Group upped their price target on Barrick Mining from $39.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Cormark upgraded shares of Barrick Mining from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, November 11th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Barrick Mining in a research report on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Barrick Mining has a consensus rating of “Buy” and a consensus target price of $43.90.

Hedge Funds Weigh In On Barrick Mining

Several institutional investors have recently added to or reduced their stakes in B. Cetera Investment Advisers boosted its stake in shares of Barrick Mining by 38.4% in the first quarter. Cetera Investment Advisers now owns 198,146 shares of the gold and copper producer’s stock valued at $3,852,000 after buying an additional 54,976 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Barrick Mining by 0.9% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 237,119 shares of the gold and copper producer’s stock worth $4,610,000 after purchasing an additional 2,200 shares in the last quarter. Mediolanum International Funds Ltd boosted its position in shares of Barrick Mining by 13.7% during the 1st quarter. Mediolanum International Funds Ltd now owns 147,410 shares of the gold and copper producer’s stock worth $2,826,000 after purchasing an additional 17,719 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Barrick Mining by 1.9% during the 1st quarter. Mackenzie Financial Corp now owns 15,614,848 shares of the gold and copper producer’s stock worth $303,161,000 after purchasing an additional 296,472 shares during the period. Finally, Banque Cantonale Vaudoise purchased a new position in shares of Barrick Mining in the 1st quarter valued at about $58,000. Institutional investors and hedge funds own 90.82% of the company’s stock.

Barrick Mining Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.53. The company’s 50 day moving average is $33.83 and its 200 day moving average is $26.30. The stock has a market cap of $66.75 billion, a price-to-earnings ratio of 24.88, a PEG ratio of 0.40 and a beta of 0.28.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its earnings results on Monday, November 10th. The gold and copper producer reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.01. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The company had revenue of $4.19 billion for the quarter, compared to analyst estimates of $4.20 billion. During the same quarter in the prior year, the company earned $0.09 earnings per share. Barrick Mining’s revenue was up 23.2% compared to the same quarter last year. Research analysts forecast that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Increases Dividend

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

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.