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

Barrick Mining Corporation (NYSE:B) (TSE:ABX) reached a new 52-week high during mid-day trading on Wednesday after Cormark upgraded the stock from a hold rating to a moderate buy rating. The company traded as high as $37.54 and last traded at $37.3980, with a volume of 5528025 shares changing hands. The stock had previously closed at $35.81.

Several other research analysts also recently weighed in on B. Zacks Research downgraded shares of Barrick Mining from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 21st. Citigroup lifted their price target on Barrick Mining from $21.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, October 15th. UBS Group increased their price objective on Barrick Mining from $35.00 to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Bank of America increased their price objective on shares of Barrick Mining from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Finally, National Bankshares raised Barrick Mining to an “outperform” rating in a research note on Monday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Barrick Mining has a consensus rating of “Moderate Buy” and a consensus target price of $42.90.

Hedge Funds Weigh In On Barrick Mining

A number of large investors have recently made changes to their positions in the stock. Caitlin John LLC purchased a new stake in Barrick Mining in the 3rd quarter worth approximately $182,000. Allianz SE boosted its stake in Barrick Mining by 47.2% in the 3rd quarter. Allianz SE now owns 3,230,629 shares of the gold and copper producer’s stock worth $106,132,000 after buying an additional 1,035,857 shares during the last quarter. TIAA Trust National Association acquired a new position in shares of Barrick Mining during the 3rd quarter valued at about $202,000. Close Asset Management Ltd purchased a new position in shares of Barrick Mining during the 3rd quarter worth about $61,000. Finally, Choreo LLC acquired a new stake in shares of Barrick Mining in the third quarter worth approximately $641,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Mining Price 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 firm has a market capitalization of $63.02 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 0.40 and a beta of 0.28. The company’s 50-day moving average is $32.28 and its 200-day moving average is $25.13.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings data on Monday, November 10th. The gold and copper producer reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.01. The company had revenue of $4.19 billion during the quarter, compared to the consensus estimate of $4.20 billion. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. Barrick Mining’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.09 earnings per share. On average, research analysts expect that Barrick Mining Corporation will post 1.47 earnings per share for the current 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 given a dividend of $0.175 per share. This is a positive change from Barrick Mining’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, November 28th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.9%. Barrick Mining’s payout ratio is presently 37.74%.

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.