Barrick Mining (NYSE:B) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Barrick Mining (NYSE:B) (TSE:ABX) from a hold rating to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

Several other brokerages have also recently issued reports on B. BNP Paribas Exane raised shares of Barrick Mining from a “neutral” rating to an “outperform” rating and set a $50.00 target price for the company in a report on Friday, December 5th. Cormark raised Barrick Mining from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, November 11th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Barrick Mining in a research note on Wednesday, September 24th. Raymond James Financial raised their price target on shares of Barrick Mining from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 25th. Finally, Canaccord Genuity Group increased their price objective on shares of Barrick Mining from $39.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Barrick Mining currently has an average rating of “Buy” and an average target price of $47.17.

Barrick Mining Trading Down 0.9%

Shares of NYSE:B opened at $42.94 on Monday. Barrick Mining has a 52-week low of $15.11 and a 52-week high of $44.25. The stock has a market cap of $72.29 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 0.45 and a beta of 0.40. The company has a quick ratio of 2.33, a current ratio of 2.94 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $36.54 and a 200-day moving average price of $28.88.

Barrick Mining (NYSE:B) (TSE:ABX) last issued its earnings results on Monday, November 10th. The gold and copper producer reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. Barrick Mining had a return on equity of 9.48% and a net margin of 24.53%.The firm had revenue of $4.19 billion for the quarter, compared to analyst estimates of $4.20 billion. During the same quarter in the prior year, the firm earned $0.09 earnings per share. Barrick Mining’s revenue for the quarter was up 23.2% on a year-over-year basis. Equities analysts predict that Barrick Mining will post 1.47 EPS for the current year.

Barrick Mining Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, November 28th. This is a boost from Barrick Mining’s previous quarterly dividend of $0.15. Barrick Mining’s dividend payout ratio is presently 33.82%.

Institutional Investors Weigh In On Barrick Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vermillion Wealth Management Inc. acquired a new stake in shares of Barrick Mining during the 2nd quarter worth about $25,000. Crowley Wealth Management Inc. acquired a new position in shares of Barrick Mining in the 2nd quarter worth approximately $26,000. Concord Wealth Partners acquired a new stake in Barrick Mining in the 2nd quarter valued at approximately $26,000. Arlington Trust Co LLC purchased a new stake in Barrick Mining in the third quarter valued at approximately $26,000. Finally, Ameriflex Group Inc. purchased a new stake in Barrick Mining in the second quarter valued at approximately $27,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

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.