Barrick Mining Corporation (NYSE:B) Receives $24.85 Average Price Target from Analysts

Key Points

• Barrick Mining Corporation has received an average recommendation of "Moderate Buy" from analysts, with a price target of $24.85.
• Institutional investors own 90.82% of Barrick Mining's stock, with significant recent positions acquired by Vanguard Group and First Eagle Investment Management.
• Despite a quarterly earnings report that met expectations, the company announced a recent dividend cut, declaring a dividend of $0.15 per share.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX has been assigned an average rating of "Moderate Buy" from the fifteen analysts that are currently covering the company, Marketbeat reports. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $24.85.

A number of brokerages have recently weighed in on B. Wall Street Zen lowered Barrick Mining from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Scotiabank boosted their target price on Barrick Mining from $25.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 13th. Zacks Research cut Barrick Mining from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. CIBC upgraded Barrick Mining from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Finally, Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th.

Barrick Mining Stock Performance

Shares of Barrick Mining stock traded down $0.14 during trading hours on Monday, hitting $26.98. 8,334,335 shares of the company's stock traded hands, compared to its average volume of 19,374,713. Barrick Mining has a 12-month low of $15.11 and a 12-month high of $27.36. The stock has a market capitalization of $46.03 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 0.48 and a beta of 0.28. The company has a fifty day simple moving average of $22.85 and a 200-day simple moving average of $20.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.53.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last posted its quarterly earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share for the quarter, hitting the consensus estimate 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 return on equity of 8.19% and a net margin of 19.99%.The firm's quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 EPS. Equities research analysts anticipate that Barrick Mining will post 1.47 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. Barrick Mining's payout ratio is currently 37.74%.

Institutional Investors Weigh In On Barrick Mining

Hedge funds and other institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC increased its holdings in shares of 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 acquiring an additional 563 shares during the period. Sapient Capital LLC lifted its holdings in shares of Barrick Mining by 0.5% in the 1st quarter. Sapient Capital LLC now owns 114,572 shares of the gold and copper producer's stock valued at $2,227,000 after buying an additional 624 shares during the period. Kestra Private Wealth Services LLC lifted its holdings in shares of Barrick Mining by 2.5% in the 1st quarter. Kestra Private Wealth Services LLC now owns 28,724 shares of the gold and copper producer's stock valued at $558,000 after buying an additional 710 shares during the period. Nicholas Hoffman & Company LLC. raised its holdings in Barrick Mining by 1.5% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 47,544 shares of the gold and copper producer's stock worth $924,000 after purchasing an additional 716 shares during the period. Finally, Edge Wealth Management LLC raised its holdings in Barrick Mining by 6.1% in the 1st quarter. Edge Wealth Management LLC now owns 13,110 shares of the gold and copper producer's stock worth $255,000 after purchasing an additional 755 shares during the period. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

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.