Barrick Mining (NYSE:B) Price Target Raised to $55.00

Key Points

• JPMorgan raised Barrick Mining’s price target to $55 from $52 and maintained an “overweight” rating, implying 35.39% upside from the prior close.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $53.04, although targets range from $42 to $56.50.
• Barrick reported quarterly EPS of $0.82 versus $0.81 expected, while revenue rose 43.8% year over year to $5.29 billion; institutional investors own 90.82% of the shares.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX had its target price increased by investment analysts at JPMorgan Chase & Co. from $52.00 to $55.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the gold and copper producer's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 35.39% from the company's previous close.

Several other research analysts have also issued reports on the stock. Royal Bank Of Canada increased their price target on shares of Barrick Mining from $49.00 to $53.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 16th. Sanford C. Bernstein cut their target price on Barrick Mining from $61.00 to $56.50 and set an "outperform" rating on the stock in a research note on Wednesday, September 9th. Bank of America reduced their price target on Barrick Mining from $56.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Canadian Imperial Bank of Commerce downgraded Barrick Mining from a "sector outperform" rating to a "neutral" rating and reduced their price objective for the stock from $57.00 to $49.00 in a report on Friday, October 16th. Finally, Barclays lifted their price objective on Barrick Mining from $39.00 to $42.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.04.

Barrick Mining Price Performance

NYSE B traded up $0.19 during trading hours on Wednesday, hitting $40.62. The company had a trading volume of 892,588 shares, compared to its average volume of 12,140,577. Barrick Mining has a 52 week low of $30.35 and a 52 week high of $54.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.36 and a current ratio of 3.01. The firm has a market capitalization of $66.41 billion, a price-to-earnings ratio of 10.46, a PEG ratio of 1.25 and a beta of 0.48. The firm has a 50 day simple moving average of $42.87 and a 200 day simple moving average of $40.94.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its quarterly 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 net margin of 31.60% and a return on equity of 16.02%. The business had revenue of $5.29 billion during the quarter, compared to analysts' expectations of $5.10 billion. During the same quarter in the previous year, the company earned $0.47 EPS. The business's quarterly revenue was up 43.8% compared to the same quarter last year. Equities research analysts expect that Barrick Mining will post 3.52 earnings per share for the current year.

Institutional Investors Weigh In On Barrick Mining

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in Barrick Mining by 10.9% in the 1st quarter. Royal Bank of Canada now owns 39,598,520 shares of the gold and copper producer's stock worth $1,615,225,000 after purchasing an additional 3,881,841 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Barrick Mining by 1.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 14,992,792 shares of the gold and copper producer's stock valued at $612,067,000 after acquiring an additional 175,342 shares in the last quarter. Ninety One UK Ltd increased its position in shares of Barrick Mining by 13.1% during the 3rd quarter. Ninety One UK Ltd now owns 14,143,606 shares of the gold and copper producer's stock worth $575,220,000 after purchasing an additional 1,640,224 shares during the last quarter. TD Waterhouse Canada Inc. increased its holdings in Barrick Mining by 4.4% during the third quarter. TD Waterhouse Canada Inc. now owns 7,400,867 shares of the gold and copper producer's stock worth $296,300,000 after buying an additional 313,297 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Barrick Mining by 25.9% during the 1st quarter. Swiss National Bank now owns 5,680,129 shares of the gold and copper producer's stock worth $231,788,000 after purchasing an additional 1,167,000 shares during the last quarter. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Mining Company Profile

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the exploration, development and production of gold and copper. Its activities include operating mines, advancing development projects and managing mineral reserves across multiple jurisdictions.

The company’s gold operations include Nevada Gold Mines in the United States, a joint venture in which Barrick is the operator, as well as mines and projects in Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo.

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