Barrick Mining (NYSE:B) Downgraded to Hold Rating by Zacks Research

Key Points

• Barrick Mining has been downgraded from a "strong-buy" rating to a "hold" rating by Zacks Research, while other firms have varied ratings and price targets for the stock.
• As of now, the stock has a consensus rating of "Moderate Buy" with a target price of $24.77, amidst fluctuating evaluations from different analysts.
• In its recent quarterly earnings, Barrick Mining reported $0.47 earnings per share and a revenue of $3.72 billion, indicating a significant growth compared to the same period last year.

Zacks Research downgraded shares of Barrick Mining (NYSE:B - Free Report) TSE: ABX from a strong-buy rating to a hold rating in a research note published on Thursday, August 21st,Zacks.com reports.

Other research analysts have also issued reports about the stock. Wall Street Zen lowered shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. CIBC upgraded shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Royal Bank Of Canada set a $26.00 price target on shares of Barrick Mining and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Scotiabank boosted their price target on shares of Barrick Mining from $25.00 to $26.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 13th. Finally, Cibc World Mkts upgraded shares of Barrick Mining from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.77.

Barrick Mining Stock Performance

Barrick Mining stock traded down $0.06 during mid-day trading on Thursday, reaching $26.38. The company's stock had a trading volume of 10,422,161 shares, compared to its average volume of 19,398,945. Barrick Mining has a 12-month low of $15.11 and a 12-month high of $26.79. The company has a market capitalization of $45.00 billion, a P/E ratio of 16.60, a PEG ratio of 0.49 and a beta of 0.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.53 and a current ratio of 3.21. The firm's fifty day moving average price is $22.27 and its two-hundred day moving average price is $20.15.

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

Barrick Mining Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, August 29th. Barrick Mining's payout ratio is currently 25.16%.

Institutional Trading of Barrick Mining

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. bought a new stake in Barrick Mining in the second quarter worth $1,459,633,000. Arrowstreet Capital Limited Partnership bought a new stake in Barrick Mining in the second quarter worth $1,091,122,000. First Eagle Investment Management LLC bought a new stake in Barrick Mining in the second quarter worth $822,056,000. TD Asset Management Inc bought a new stake in Barrick Mining in the second quarter worth $386,328,000. Finally, Ninety One UK Ltd bought a new stake in Barrick Mining in the second quarter worth $326,862,000. 90.82% of the stock is owned by 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.