Barrick Mining (NYSE:B) Coverage Initiated at Citigroup

Key Points

• Citigroup initiated coverage of Barrick Mining with a “neutral” rating and a $45 price target, implying no upside from the stock’s reported trading price of $45.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $52.36, despite several recent target reductions.
• Barrick reported quarterly earnings of $0.82 per share, slightly above estimates, while revenue rose 43.8% year over year to $4.19 billion; institutional investors own 90.82% of the company.

Investment analysts at Citigroup began coverage on shares of Barrick Mining (NYSE:B - Get Free Report) TSE: ABX in a note issued to investors on Thursday. The firm set a "neutral" rating and a $45.00 price target on the gold and copper producer's stock. Citigroup's price target would indicate a potential upside of 0.00% from the stock's current price.

B has been the topic of a number of other reports. Royal Bank Of Canada decreased their price objective on Barrick Mining from $51.00 to $49.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. TD decreased their price target on shares of Barrick Mining from $61.00 to $59.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Canadian Imperial Bank of Commerce set a $57.00 price objective on shares of Barrick Mining in a research note on Wednesday, August 12th. Scotiabank reduced their price target on shares of Barrick Mining from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, August 12th. Finally, Wall Street Zen cut Barrick Mining from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $52.36.

Barrick Mining Price Performance

B stock traded up $0.87 during trading on Thursday, reaching $45.00. The company's stock had a trading volume of 943,350 shares, compared to its average volume of 13,039,698. Barrick Mining has a 1 year low of $26.82 and a 1 year high of $54.69. The company has a quick ratio of 2.36, a current ratio of 3.01 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $74.06 billion, a P/E ratio of 11.60, a price-to-earnings-growth ratio of 1.23 and a beta of 0.51. The company's fifty day moving average is $39.80 and its 200-day moving average is $41.52.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last posted its earnings results on Monday, August 10th. The gold and copper producer reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Barrick Mining had a return on equity of 16.02% and a net margin of 31.60%.The company had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $5.10 billion. During the same period in the previous year, the business earned $0.47 earnings per share. The firm's revenue for the quarter was up 43.8% on a year-over-year basis. On average, research analysts expect that Barrick Mining will post 3.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Barrick Mining

Institutional investors have recently added to or reduced their stakes in the stock. Williamson Legacy Group LLC acquired a new stake in shares of Barrick Mining in the fourth quarter valued at about $1,315,000. Great Diamond Partners LLC purchased a new stake in shares of Barrick Mining in the 4th quarter worth about $2,393,000. Erste Asset Management GmbH grew its stake in Barrick Mining by 146.9% in the 4th quarter. Erste Asset Management GmbH now owns 43,700 shares of the gold and copper producer's stock valued at $1,911,000 after acquiring an additional 26,000 shares during the last quarter. GeoSphere Capital Management LLC purchased a new position in Barrick Mining during the 4th quarter valued at about $1,960,000. Finally, Hillsdale Investment Management Inc. increased its holdings in Barrick Mining by 7.2% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,165,501 shares of the gold and copper producer's stock valued at $50,861,000 after acquiring an additional 78,750 shares in the last quarter. Institutional investors and hedge funds own 90.82% of the company's stock.

About Barrick Mining

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.

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