Barrick Mining (NYSE:B) Hits New 52-Week High on Analyst Upgrade

Barrick Mining Corporation (NYSE:B) (TSE:ABX) reached a new 52-week high on Monday after Raymond James Financial raised their price target on the stock from $40.00 to $42.00. Raymond James Financial currently has an outperform rating on the stock. 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.

A number of other research analysts also recently issued reports on B. Canaccord Genuity Group boosted their price objective on Barrick Mining from $39.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. CIBC lifted 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. TD Securities upped their price target on shares of Barrick Mining from $38.00 to $46.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Sanford C. Bernstein restated an “outperform” rating on shares of Barrick Mining in a research report on Wednesday, September 24th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Barrick Mining in a research note on Monday, September 22nd. Two research 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $44.78.

Institutional Trading of Barrick Mining

Several hedge funds have recently made changes to their positions in B. Capital International Investors grew its position in Barrick Mining by 35.9% in the third quarter. Capital International Investors now owns 101,846,588 shares of the gold and copper producer’s stock worth $3,340,709,000 after acquiring an additional 26,921,219 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Barrick Mining by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 70,878,168 shares of the gold and copper producer’s stock worth $2,327,991,000 after purchasing an additional 767,544 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Barrick Mining during the 2nd quarter valued at approximately $1,091,122,000. First Eagle Investment Management LLC purchased a new stake in Barrick Mining during the 2nd quarter valued at $822,056,000. Finally, TD Asset Management Inc raised its holdings in Barrick Mining by 3.8% during the 3rd quarter. TD Asset Management Inc now owns 19,309,335 shares of the gold and copper producer’s stock valued at $634,346,000 after buying 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 Stock 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 business has a 50-day moving average of $34.03 and a 200-day moving average of $26.44. The company has a market capitalization of $66.01 billion, a P/E ratio of 24.60, a P/E/G ratio of 0.40 and a beta of 0.28.

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 for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. The business had revenue of $4.19 billion for the quarter, compared to analysts’ expectations of $4.20 billion. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The business’s revenue was up 23.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.09 earnings per share. On average, sell-side analysts anticipate that Barrick Mining Corporation will post 1.47 EPS for the current year.

Barrick Mining Increases Dividend

The company also recently disclosed 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 an increase from Barrick Mining’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.70 dividend on an annualized basis and a yield of 1.8%. 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.