Barrick Mining (NYSE:B) Given New $57.00 Price Target at Scotiabank

Key Points

• Scotiabank lowered its price target on Barrick Mining from $63 to $57, while keeping a “sector outperform” rating. The new target still implies meaningful upside from the stock’s current price.
• Other analysts have also trimmed targets recently, including UBS, RBC, and CIBC, though sentiment remains generally positive overall. MarketBeat says the stock currently has a “Moderate Buy” consensus and an average price target of $54.
• Barrick shares rose 1.6% to $36.53 in Tuesday trading. The company also recently beat EPS expectations in its latest quarterly report, even though revenue came in below estimates.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX had its price target dropped by stock analysts at Scotiabank from $63.00 to $57.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the gold and copper producer's stock. Scotiabank's price objective would suggest a potential upside of 56.05% from the stock's current price.

Several other analysts also recently issued reports on the company. UBS Group lowered their price target on Barrick Mining from $54.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Weiss Ratings downgraded Barrick Mining from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, May 11th. Canadian Imperial Bank of Commerce lowered their target price on Barrick Mining to $63.00 and set an "outperformer" rating for the company in a research note on Tuesday, April 21st. Barclays assumed coverage on Barrick Mining in a report on Thursday, May 21st. They set an "equal weight" rating and a $41.00 target price on the stock. Finally, Royal Bank Of Canada reduced their price target on Barrick Mining from $51.00 to $49.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $54.00.

Barrick Mining Trading Up 1.6%

NYSE B traded up $0.59 during mid-day trading on Tuesday, reaching $36.53. 5,809,212 shares of the stock were exchanged, compared to its average volume of 13,749,115. Barrick Mining has a 1-year low of $20.52 and a 1-year high of $54.69. The business's fifty day simple moving average is $40.09 and its 200 day simple moving average is $43.28. The stock has a market capitalization of $60.76 billion, a PE ratio of 10.09, a PEG ratio of 0.79 and a beta of 0.48. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.44 and a current ratio of 3.06.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last posted its quarterly earnings results on Monday, May 11th. The gold and copper producer reported $0.98 EPS for the quarter, beating the consensus estimate of $0.80 by $0.18. The company had revenue of $4.11 billion during the quarter, compared to analysts' expectations of $4.75 billion. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.The business's revenue for the quarter was up 66.7% compared to the same quarter last year. On average, research analysts anticipate that Barrick Mining will post 3.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Barrick Mining

A number of institutional investors have recently made changes to their positions in the company. FIL Ltd lifted its holdings in shares of Barrick Mining by 85.3% in the 4th quarter. FIL Ltd now owns 30,099,422 shares of the gold and copper producer's stock worth $1,311,169,000 after purchasing an additional 13,853,587 shares during the last quarter. Van ECK Associates Corp grew its stake in Barrick Mining by 22.8% during the 4th quarter. Van ECK Associates Corp now owns 55,423,240 shares of the gold and copper producer's stock worth $2,413,699,000 after buying an additional 10,287,544 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in Barrick Mining in the second quarter worth $211,263,000. Canada Pension Plan Investment Board acquired a new stake in Barrick Mining in the second quarter worth $172,230,000. Finally, Mackenzie Financial Corp lifted its stake in Barrick Mining by 61.9% in the fourth quarter. Mackenzie Financial Corp now owns 20,591,745 shares of the gold and copper producer's stock valued at $909,104,000 after buying an additional 7,870,411 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors.

About Barrick Mining

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company's activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.

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