Canaccord Genuity Group Has Lowered Expectations for Barrick Mining (NYSE:B) Stock Price

Barrick Mining (NYSE:B) (TSE:ABX) had its price objective cut by analysts at Canaccord Genuity Group from $80.00 to $77.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the gold and copper producer’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 59.30% from the stock’s previous close.

B has been the subject of a number of other research reports. Wall Street Zen raised Barrick Mining from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Cormark upgraded Barrick Mining from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, November 11th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and issued a $71.00 price target on shares of Barrick Mining in a research note on Wednesday, February 4th. Raymond James Financial upped their price objective on shares of Barrick Mining from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 25th. Finally, JPMorgan Chase & Co. started coverage on shares of Barrick Mining in a research report on Thursday, January 29th. They issued an “overweight” rating and a $68.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Barrick Mining has an average rating of “Moderate Buy” and an average price target of $55.25.

Barrick Mining Stock Performance

B stock traded up $1.69 during trading on Wednesday, hitting $48.34. 8,243,922 shares of the company traded hands, compared to its average volume of 16,933,354. Barrick Mining has a 1 year low of $17.00 and a 1 year high of $54.69. The company has a market cap of $80.98 billion, a PE ratio of 16.50, a P/E/G ratio of 0.39 and a beta of 0.40. The stock’s 50-day simple moving average is $46.77 and its 200 day simple moving average is $37.19. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 2.33.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings results on Thursday, February 5th. The gold and copper producer reported $1.04 EPS for the quarter, beating the consensus estimate of $0.85 by $0.19. The company had revenue of $5.98 billion for the quarter, compared to analyst estimates of $5.15 billion. Barrick Mining had a net margin of 29.45% and a return on equity of 12.10%. The company’s quarterly revenue was up 44.6% on a year-over-year basis. On average, equities analysts expect that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Institutional Trading of Barrick Mining

Several hedge funds have recently modified their holdings of B. Capital International Investors boosted its position in shares of Barrick Mining by 35.9% in the 3rd quarter. Capital International Investors now owns 101,846,588 shares of the gold and copper producer’s stock worth $3,340,709,000 after buying an additional 26,921,219 shares in the last quarter. Vanguard Group Inc. increased its holdings in 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 acquiring an additional 767,544 shares in the last quarter. Van ECK Associates Corp raised its position in Barrick Mining by 22.8% during the fourth quarter. Van ECK Associates Corp now owns 55,423,240 shares of the gold and copper producer’s stock worth $2,413,699,000 after acquiring an additional 10,287,544 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Barrick Mining during the second quarter worth about $1,091,122,000. Finally, First Eagle Investment Management LLC purchased a new stake in shares of Barrick Mining in the second quarter valued at about $822,056,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Barrick Mining Company Profile

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company’s activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.