Barrick Mining (NYSE:B) Upgraded at Zacks Research

Zacks Research upgraded shares of Barrick Mining (NYSE:B) (TSE:ABX) from a hold rating to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. TD Securities upped their price target on Barrick Mining from $38.00 to $46.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada boosted their price objective on Barrick Mining from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. BNP Paribas Exane upgraded shares of Barrick Mining from a “neutral” rating to an “outperform” rating and set a $50.00 target price for the company in a research report on Friday, December 5th. Canaccord Genuity Group lifted their target price on shares of Barrick Mining from $39.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Finally, Scotiabank upgraded shares of Barrick Mining from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $27.50 to $43.00 in a research note on Thursday, October 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $47.17.

Barrick Mining Price Performance

B opened at $43.48 on Monday. Barrick Mining has a fifty-two week low of $15.11 and a fifty-two week high of $44.25. The firm has a 50-day moving average of $36.73 and a 200 day moving average of $28.98. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.33 and a current ratio of 2.94. The firm has a market cap of $73.20 billion, a P/E ratio of 21.00, a PEG ratio of 0.44 and a beta of 0.40.

Barrick Mining (NYSE:B) (TSE:ABX) last released its earnings results on Monday, November 10th. The gold and copper producer reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. Barrick Mining had a net margin of 24.53% and a return on equity of 9.48%. The firm had revenue of $4.19 billion for the quarter, compared to analysts’ expectations of $4.20 billion. During the same period in the previous year, the company earned $0.09 earnings per share. The company’s quarterly revenue was up 23.2% on a year-over-year basis. On average, research analysts expect that Barrick Mining will post 1.47 EPS for the current year.

Barrick Mining Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were paid a dividend of $0.175 per share. The ex-dividend date was Friday, November 28th. This represents a $0.70 dividend on an annualized basis and a yield of 1.6%. This is a boost from Barrick Mining’s previous quarterly dividend of $0.15. Barrick Mining’s dividend payout ratio (DPR) is presently 33.82%.

Hedge Funds Weigh In On Barrick Mining

Institutional investors and hedge funds have recently modified their holdings of the company. Capital International Investors increased its position in Barrick Mining by 35.9% during the third quarter. Capital International Investors now owns 101,846,588 shares of the gold and copper producer’s stock valued at $3,340,709,000 after acquiring an additional 26,921,219 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Barrick Mining by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 70,878,168 shares of the gold and copper producer’s stock valued at $2,327,991,000 after purchasing an additional 767,544 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Barrick Mining during the 2nd quarter valued at about $1,091,122,000. First Eagle Investment Management LLC purchased a new stake in shares of Barrick Mining during the 2nd quarter valued at about $822,056,000. Finally, TD Asset Management Inc lifted its stake in shares of Barrick Mining by 3.8% in the 3rd quarter. TD Asset Management Inc now owns 19,309,335 shares of the gold and copper producer’s stock worth $634,346,000 after purchasing an additional 715,151 shares during the period. 90.82% of the stock is currently owned by hedge funds and other 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.