Barrick Mining (NYSE:B) Hits New 12-Month High Following Analyst Upgrade

Shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) hit a new 52-week high 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.

Other research analysts also recently issued reports about the stock. National Bankshares upgraded shares of Barrick Mining to an “outperform” rating in a research note on Monday, September 22nd. Raymond James Financial set a $40.00 target price on Barrick Mining and gave the company an “outperform” rating in a research note on Friday, October 10th. National Bank Financial upgraded Barrick Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, September 22nd. TD Securities raised their price objective on Barrick Mining from $38.00 to $46.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Finally, UBS Group increased their target price on Barrick Mining from $35.00 to $39.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.90.

Institutional Trading of Barrick Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in B. Hedges Asset Management LLC bought a new stake in Barrick Mining in the second quarter worth about $1,249,000. Chemistry Wealth Management LLC purchased a new stake in Barrick Mining in the second quarter worth $246,000. First Eagle Investment Management LLC bought a new stake in shares of Barrick Mining during the second quarter worth $822,056,000. Keybank National Association OH purchased a new stake in shares of Barrick Mining during the second quarter valued at $362,000. Finally, Sigma Planning Corp purchased a new position in Barrick Mining in the 2nd quarter worth about $1,306,000. 90.82% of the stock is currently owned by institutional investors.

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

Barrick Mining (NYSE:B) (TSE:ABX) last posted its quarterly earnings results on Monday, November 10th. The gold and copper producer reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.01. The business had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $4.20 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The business’s revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.09 EPS. On average, research analysts predict that Barrick Mining Corporation will post 1.47 earnings per share for the current year.

Barrick Mining Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be given a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 28th. This is an increase from Barrick Mining’s previous quarterly dividend of $0.15. Barrick Mining’s payout ratio is 37.74%.

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.