Barrick Mining (NYSE:B) Given New $57.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has raised its price target for Barrick Mining from $39.00 to $57.00, suggesting a potential upside of 72.54% based on the company's previous closing price.
• Despite the positive outlook from some analysts, Barrick Mining's stock recently declined by 2.6%, trading at $33.04 per share.
• Institutional investors hold a significant majority of Barrick Mining's stock, with hedge funds owning approximately 90.82% of the company.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX had its price target increased by Canaccord Genuity Group from $39.00 to $57.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the gold and copper producer's stock. Canaccord Genuity Group's price objective points to a potential upside of 72.54% from the company's previous close.

Other research analysts have also issued reports about the company. Royal Bank Of Canada boosted their price target on Barrick Mining from $34.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Bank of America boosted their price target on Barrick Mining from $29.00 to $34.00 and gave the company a "neutral" rating in a research note on Friday, September 19th. TD Securities boosted their price target on Barrick Mining from $38.00 to $46.00 and gave the company a "buy" rating in a research note on Wednesday. Scotiabank boosted their price target on Barrick Mining from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 13th. Finally, Zacks Research downgraded Barrick Mining from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, ten 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 a consensus target price of $36.50.

Barrick Mining Stock Down 2.6%

Shares of B traded down $0.87 during trading hours on Thursday, hitting $33.04. The company had a trading volume of 5,654,788 shares, compared to its average volume of 20,269,051. The company has a market capitalization of $56.25 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 0.55 and a beta of 0.30. 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 has a one year low of $15.11 and a one year high of $36.10. The company's fifty day moving average price is $28.12 and its two-hundred day moving average price is $22.74.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The company had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.60 billion. During the same period in the prior year, the company posted $0.32 EPS. The firm's quarterly revenue was up 16.4% compared to the same quarter last year. As a group, equities analysts forecast that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Barrick Mining

Several hedge funds and other institutional investors have recently made changes to their positions in B. Vanguard Group Inc. acquired a new stake in shares of Barrick Mining in the second quarter valued at approximately $1,459,633,000. Arrowstreet Capital Limited Partnership acquired a new stake in Barrick Mining during the second quarter worth $1,091,122,000. First Eagle Investment Management LLC acquired a new stake in Barrick Mining during the second quarter worth $822,056,000. TD Asset Management Inc acquired a new stake in Barrick Mining during the second quarter worth $386,328,000. Finally, Ninety One UK Ltd acquired a new stake in Barrick Mining during the second quarter worth $326,862,000. 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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