Barrick Mining (NYSE:B) Stock Price Expected to Rise, Scotiabank Analyst Says

Key Points

• Scotiabank has raised its price target for Barrick Mining's stock from $25.00 to $26.00, indicating a potential upside of 7.96% from the previous close.
• Recently, multiple analysts have issued ratings on Barrick Mining, with five recommending a hold, nine a buy, and two a strong buy rating.
• Barrick Mining's recent quarterly earnings showed a net margin of 19.99% with revenue increasing by 16.4% year-over-year, compared to analyst expectations.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX had its target price upped by equities research analysts at Scotiabank from $25.00 to $26.00 in a report released on Wednesday, MarketBeat reports. The firm currently has a "sector perform" rating on the gold and copper producer's stock. Scotiabank's price target would indicate a potential upside of 8.72% from the stock's current price.

B has been the topic of several other reports. Royal Bank Of Canada set a $26.00 price objective on shares of Barrick Mining and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Wall Street Zen downgraded shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Cibc World Mkts raised shares of Barrick Mining from a "hold" rating to a "strong-buy" rating in a report on Tuesday. CIBC upgraded shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a research report on Tuesday. Finally, BMO Capital Markets started coverage on shares of Barrick Mining in a research report on Wednesday, April 16th. They set a "market perform" rating on the stock. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $24.77.

Barrick Mining Stock Up 1.2%

B traded up $0.30 during trading hours on Wednesday, hitting $23.92. 3,705,698 shares of the company's stock were exchanged, compared to its average volume of 19,552,008. The company has a quick ratio of 2.16, a current ratio of 3.21 and a debt-to-equity ratio of 0.14. The stock's 50-day moving average is $21.44 and its two-hundred day moving average is $19.60. Barrick Mining has a 1-year low of $15.11 and a 1-year high of $24.15. The stock has a market cap of $40.80 billion, a price-to-earnings ratio of 15.04, a PEG ratio of 0.37 and a beta of 0.27.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.47. The firm had revenue of $3.72 billion for 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%. The business's revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. Sell-side analysts predict that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Barrick Mining

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vermillion Wealth Management Inc. bought a new stake in Barrick Mining during the second quarter valued at about $25,000. Crowley Wealth Management Inc. acquired a new stake in Barrick Mining in the second quarter worth about $26,000. Concord Wealth Partners acquired a new stake in Barrick Mining in the second quarter worth about $26,000. Ameriflex Group Inc. acquired a new stake in Barrick Mining in the second quarter worth about $27,000. Finally, Trifecta Capital Advisors LLC acquired a new stake in Barrick Mining in the second quarter worth about $27,000. Institutional investors 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.