Investors Purchase Large Volume of Barrick Mining Call Options (NYSE:B)

Barrick Mining Corporation (NYSE:B) (TSE:ABX) was the recipient of some unusual options trading on Wednesday. Stock investors bought 206,572 call options on the stock. This is an increase of 258% compared to the average daily volume of 57,635 call options.

Analyst Ratings Changes

Several brokerages recently issued reports on B. Cibc World Mkts upgraded shares of Barrick Mining from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. Bank of America upgraded shares of Barrick Mining from a “neutral” rating to a “buy” rating and lifted their price target for the company from $38.00 to $48.00 in a research report on Monday. BMO Capital Markets reaffirmed a “market perform” rating on shares of Barrick Mining in a research report on Monday, September 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Barrick Mining in a report on Monday. Finally, National Bankshares raised shares of Barrick Mining to an “outperform” rating in a report on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $44.78.

Institutional Trading of Barrick Mining

A number of large investors have recently made changes to their positions in the stock. Cary Street Partners Investment Advisory LLC lifted its holdings in Barrick Mining by 19.8% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 2,260 shares of the gold and copper producer’s stock valued at $74,000 after buying an additional 373 shares in the last quarter. Brown Brothers Harriman & Co. increased its position in shares of Barrick Mining by 4.7% during the third quarter. Brown Brothers Harriman & Co. now owns 8,770 shares of the gold and copper producer’s stock worth $287,000 after acquiring an additional 391 shares during the period. Legend Financial Advisors Inc. raised its stake in shares of Barrick Mining by 0.9% during the third quarter. Legend Financial Advisors Inc. now owns 45,139 shares of the gold and copper producer’s stock valued at $1,479,000 after acquiring an additional 399 shares in the last quarter. Banque Transatlantique SA boosted its holdings in shares of Barrick Mining by 4.2% in the third quarter. Banque Transatlantique SA now owns 9,950 shares of the gold and copper producer’s stock valued at $326,000 after purchasing an additional 400 shares during the period. Finally, Ascent Group LLC boosted its holdings in shares of Barrick Mining by 2.9% in the third quarter. Ascent Group LLC now owns 14,514 shares of the gold and copper producer’s stock valued at $476,000 after purchasing an additional 404 shares during the period. 90.82% of the stock is owned by hedge funds and other institutional investors.

Barrick Mining Price Performance

Barrick Mining stock opened at $40.97 on Thursday. Barrick Mining has a 12-month low of $15.11 and a 12-month high of $41.08. 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 firm has a 50-day moving average price of $34.26 and a 200-day moving average price of $26.54. The firm has a market capitalization of $69.14 billion, a PE ratio of 25.77, a price-to-earnings-growth ratio of 0.40 and a beta of 0.28.

Barrick Mining (NYSE:B) (TSE:ABX) last announced its earnings results 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 return on equity of 8.19% and a net margin of 19.99%.The business had revenue of $4.19 billion during the quarter, compared to analyst estimates of $4.20 billion. During the same quarter in the previous year, the business earned $0.09 earnings per share. The company’s revenue for the quarter was up 23.2% compared to the same quarter last year. As a group, equities research analysts forecast that Barrick Mining will post 1.47 EPS for the current year.

Barrick Mining Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.7%. This is a positive change from Barrick Mining’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, November 28th. Barrick Mining’s dividend payout ratio is 33.82%.

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.