Scotiabank Has Lowered Expectations for Barrick Mining (NYSE:B) Stock Price

Barrick Mining (NYSE:B) (TSE:ABX) had its target price cut by Scotiabank from $63.00 to $57.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the gold and copper producer’s stock. Scotiabank’s price objective points to a potential upside of 56.05% from the stock’s previous close.

B has been the subject of a number of other research reports. Bank of America cut their price objective on Barrick Mining from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Weiss Ratings cut Barrick Mining from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. UBS Group reduced their target price on Barrick Mining from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Barclays assumed coverage on Barrick Mining in a research report on Thursday, May 21st. They issued an “equal weight” rating and a $41.00 price target for the company. Finally, Canadian Imperial Bank of Commerce reduced their price target on shares of Barrick Mining to $63.00 and set an “outperformer” rating for the company in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Barrick Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Barrick Mining Stock Performance

B stock traded up $0.59 during trading on Tuesday, reaching $36.53. 5,809,212 shares of the company’s stock were exchanged, compared to its average volume of 13,749,115. Barrick Mining has a 1-year low of $20.52 and a 1-year high of $54.69. The firm has a market cap of $60.76 billion, a PE ratio of 10.09, a P/E/G ratio of 0.79 and a beta of 0.48. The company’s fifty day moving average price is $40.09 and its 200-day moving average price is $43.28. The company has a quick ratio of 2.44, a current ratio of 3.06 and a debt-to-equity ratio of 0.13.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its quarterly earnings data on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.18. Barrick Mining had a net margin of 32.14% and a return on equity of 14.81%. The business had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.75 billion. Barrick Mining’s revenue for the quarter was up 66.7% compared to the same quarter last year. On average, research analysts expect that Barrick Mining will post 3.63 EPS for the current fiscal year.

Institutional Trading of Barrick Mining

Institutional investors and hedge funds have recently modified their holdings of the company. Enclave Advisors LLC bought a new position in Barrick Mining in the fourth quarter worth $2,395,000. Caldwell Trust Co boosted its position in shares of Barrick Mining by 6,688.3% during the 4th quarter. Caldwell Trust Co now owns 20,365 shares of the gold and copper producer’s stock valued at $887,000 after acquiring an additional 20,065 shares in the last quarter. Gunderson Capital Management Inc. bought a new stake in Barrick Mining in the fourth quarter valued at about $8,987,000. Swiss Life Asset Management Ltd grew its stake in shares of Barrick Mining by 14.2% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 117,682 shares of the gold and copper producer’s stock valued at $3,871,000 after purchasing an additional 14,639 shares during the period. Finally, Williamson Legacy Group LLC acquired a new position in Barrick Mining during the fourth quarter worth $1,315,000. 90.82% of the stock is currently 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.