Bank of America Issues Positive Forecast for Barrick Mining (NYSE:B) Stock Price

Key Points

• Bank of America raised its price target for Barrick Mining from $36.00 to $38.00, indicating a potential upside of 9.63% from the current stock price.
• Several other analysts maintain a positive outlook on Barrick Mining, with ratings varying from "buy" to "neutral" across multiple firms.
• Barrick Mining reported strong quarterly earnings, matching analysts' expectations with an EPS of $0.47 and a revenue of $3.72 billion, reflecting a 16.4% increase year-over-year.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX had its target price hoisted by equities research analysts at Bank of America from $36.00 to $38.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the gold and copper producer's stock. Bank of America's price objective would suggest a potential upside of 9.63% from the company's current price.

Other analysts also recently issued research reports about the stock. Weiss Ratings reiterated a "buy (b-)" rating on shares of Barrick Mining in a report on Tuesday. Citigroup increased their price objective on shares of Barrick Mining from $21.00 to $38.00 and gave the company a "neutral" rating in a report on Wednesday. Scotiabank raised their price target on shares of Barrick Mining from $25.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 13th. Sanford C. Bernstein restated an "outperform" rating on shares of Barrick Mining in a report on Wednesday, September 24th. Finally, Zacks Research downgraded shares of Barrick Mining from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.60.

Barrick Mining Trading Up 4.1%

Shares of Barrick Mining stock opened at $34.66 on Thursday. The firm has a market capitalization of $59.02 billion, a PE ratio of 21.80, a P/E/G ratio of 0.54 and a beta of 0.30. Barrick Mining has a twelve month low of $15.11 and a twelve month high of $36.10. The firm's 50-day moving average price is $29.26 and its 200 day moving average price is $23.23. The company has a current ratio of 3.21, a quick ratio of 2.53 and a debt-to-equity ratio of 0.14.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, meeting analysts' consensus estimates of $0.47. The company had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.60 billion. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. Barrick Mining's quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 EPS. On average, sell-side analysts predict that Barrick Mining will post 1.47 EPS for the current fiscal year.

Institutional Trading of Barrick Mining

Several institutional investors have recently added to or reduced their stakes in B. GAMMA Investing LLC increased its holdings in Barrick Mining by 1,844.0% in the 1st quarter. GAMMA Investing LLC now owns 6,007 shares of the gold and copper producer's stock valued at $117,000 after purchasing an additional 5,698 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Barrick Mining by 21.8% in the 1st quarter. Farther Finance Advisors LLC now owns 3,146 shares of the gold and copper producer's stock valued at $62,000 after purchasing an additional 563 shares during the last quarter. Fifth Third Bancorp increased its holdings in Barrick Mining by 28.9% in the 1st quarter. Fifth Third Bancorp now owns 5,644 shares of the gold and copper producer's stock valued at $110,000 after purchasing an additional 1,266 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Barrick Mining by 1.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 74,792 shares of the gold and copper producer's stock valued at $1,454,000 after purchasing an additional 1,156 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Barrick Mining by 25.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 291,281 shares of the gold and copper producer's stock valued at $5,663,000 after purchasing an additional 59,906 shares during the last quarter. Institutional investors and hedge funds own 90.82% of the company's stock.

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.

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