Barrick Mining (NYSE:B) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Barrick Mining (NYSE:B) (TSE:ABX) released its quarterly earnings results on Monday. The gold and copper producer reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.01, Zacks reports. 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 analysts’ expectations of $4.20 billion. During the same period last year, the firm posted $0.09 EPS. The firm’s revenue for the quarter was up 23.2% compared to the same quarter last year.

Barrick Mining Stock Up 2.8%

B stock opened at $35.78 on Wednesday. The firm has a 50-day moving average price of $32.28 and a 200-day moving average price of $25.13. Barrick Mining has a 12 month low of $15.11 and a 12 month high of $36.40. 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 $60.38 billion, a P/E ratio of 22.50, a price-to-earnings-growth ratio of 0.40 and a beta of 0.28.

Barrick Mining Increases Dividend

The firm also recently announced 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 is a positive change from Barrick Mining’s previous quarterly dividend of $0.15. This represents a $0.70 annualized dividend and a yield of 2.0%. Barrick Mining’s payout ratio is presently 37.74%.

Hedge Funds Weigh In On Barrick Mining

A number of institutional investors have recently added to or reduced their stakes in B. Nikko Asset Management Americas Inc. bought a new stake in shares of Barrick Mining during the second quarter worth $1,686,000. Public Sector Pension Investment Board acquired a new stake in shares of Barrick Mining during the 2nd quarter valued at $3,465,000. Headlands Technologies LLC bought a new stake in Barrick Mining during the 2nd quarter worth $646,000. Tower Research Capital LLC TRC bought a new stake in Barrick Mining during the 2nd quarter worth $452,000. Finally, Corient Private Wealth LLC bought a new position in Barrick Mining during the second quarter worth $590,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

B has been the subject of a number of research reports. Wall Street Zen downgraded Barrick Mining from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 1st. CIBC boosted their price objective 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. Scotiabank upgraded shares of Barrick Mining from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $27.50 to $43.00 in a research report on Thursday, October 23rd. Cormark raised Barrick Mining from a “hold” rating to a “moderate buy” rating in a research report on Tuesday. Finally, Canaccord Genuity Group lifted their price objective on Barrick Mining from $39.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Barrick Mining has a consensus rating of “Moderate Buy” and an average price target of $42.90.

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.