Barrick Mining (NYSE:B) Hits New 1-Year High After Analyst Upgrade

Barrick Mining Corporation (NYSE:B) (TSE:ABX)’s stock price hit a new 52-week high 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.

B has been the subject of several other research reports. National Bank Financial upgraded shares of Barrick Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, September 22nd. Wall Street Zen cut shares of Barrick Mining from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. Citigroup upgraded shares of Barrick Mining from a “neutral” rating to a “buy” rating in a research note on Monday. Raymond James Financial set a $40.00 price target on Barrick Mining and gave the company an “outperform” rating in a research report on Friday, October 10th. Finally, National Bankshares raised Barrick Mining to an “outperform” rating in a report on Monday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $43.90.

Hedge Funds Weigh In On Barrick Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of B. Wilmington Savings Fund Society FSB purchased a new stake in shares of Barrick Mining during the 3rd quarter valued at $299,000. Captrust Financial Advisors increased its stake in Barrick Mining by 12.0% in the third quarter. Captrust Financial Advisors now owns 200,642 shares of the gold and copper producer’s stock valued at $6,575,000 after acquiring an additional 21,449 shares during the last quarter. Coldstream Capital Management Inc. purchased a new stake in Barrick Mining during the third quarter valued at about $240,000. Auto Owners Insurance Co bought a new stake in Barrick Mining during the third quarter worth about $334,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Barrick Mining during the third quarter worth about $901,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Mining Price Performance

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 stock has a market capitalization of $65.40 billion, a PE ratio of 24.36, a PEG ratio of 0.40 and a beta of 0.28. The business has a fifty day moving average price of $33.62 and a 200-day moving average price of $26.15.

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, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $4.20 billion. During the same quarter in the previous year, the company posted $0.09 EPS. Barrick Mining’s quarterly revenue was up 23.2% compared to the same quarter last year. Research analysts expect that Barrick Mining Corporation will post 1.47 EPS 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. Shareholders of record on Friday, November 28th will be paid 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 payout ratio is presently 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.