Barrick Mining (NYSE:B) Given New $26.00 Price Target at Scotiabank

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 price target raised by Scotiabank from $25.00 to $26.00 in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage presently has a "sector perform" rating on the gold and copper producer's stock. Scotiabank's target price points to a potential upside of 7.69% from the stock's current price.

Other analysts also recently issued research reports about the company. Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada set a $26.00 target price on Barrick Mining and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Wall Street Zen downgraded Barrick Mining from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. CIBC upgraded Barrick Mining from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Finally, BMO Capital Markets assumed coverage on Barrick Mining in a research note on Wednesday, April 16th. They set a "market perform" rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Barrick Mining has a consensus rating of "Moderate Buy" and a consensus target price of $24.77.

Barrick Mining Stock Down 0.5%

Shares of Barrick Mining stock traded down $0.1160 during midday trading on Wednesday, hitting $24.1440. The company had a trading volume of 6,303,558 shares, compared to its average volume of 19,456,066. 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 stock has a market capitalization of $41.19 billion, a P/E ratio of 15.17, a P/E/G ratio of 0.37 and a beta of 0.27. The company has a 50 day moving average of $21.60 and a 200 day moving average of $19.76. Barrick Mining has a 52-week low of $15.11 and a 52-week high of $24.48.

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 for 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 business posted $0.32 EPS. On average, equities analysts predict that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Barrick Mining

Large investors have recently made changes to their positions in the business. Vermillion Wealth Management Inc. acquired a new position in shares of Barrick Mining during the second quarter worth $25,000. Concord Wealth Partners purchased a new stake in Barrick Mining in the second quarter valued at $26,000. Crowley Wealth Management Inc. purchased a new stake in shares of Barrick Mining during the 2nd quarter worth about $26,000. Ameriflex Group Inc. purchased a new stake in shares of Barrick Mining during the 2nd quarter worth about $27,000. Finally, Trifecta Capital Advisors LLC purchased a new stake in shares of Barrick Mining during the 2nd quarter worth about $27,000. 90.82% of the stock is owned by institutional investors and hedge funds.

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.