CIBC Issues Positive Forecast for Barrick Mining (NYSE:B) Stock Price

Barrick Mining (NYSE:B - Free Report) TSE: ABX had its price target upped by CIBC from $24.00 to $28.00 in a report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the gold and copper producer's stock.

Several other brokerages have also recently issued reports on B. Raymond James Financial increased their price objective on Barrick Mining from $23.00 to $23.50 and gave the company an "outperform" rating in a research note on Monday, March 31st. Stifel Canada upgraded Barrick Mining to a "strong-buy" rating in a research note on Wednesday, March 19th. National Bank Financial upgraded Barrick Mining to a "hold" rating in a research note on Friday, March 21st. UBS Group increased their price objective on Barrick Mining from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Finally, Scotiabank increased their price objective on Barrick Mining from $20.00 to $22.00 and gave the company a "sector perform" rating in a research note on Monday, April 14th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Barrick Mining presently has an average rating of "Moderate Buy" and a consensus price target of $24.41.

Barrick Mining Trading Down 1.9%

NYSE:B traded down $0.41 during trading hours on Tuesday, reaching $20.81. 9,836,007 shares of the stock were exchanged, compared to its average volume of 4,288,306. The company has a quick ratio of 2.16, a current ratio of 2.87 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $20.09 and a two-hundred day moving average of $18.68. Barrick Mining has a twelve month low of $17.41 and a twelve month high of $47.50. The company has a market capitalization of $35.51 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 0.34 and a beta of 0.28.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Barrick Mining had a return on equity of 7.51% and a net margin of 17.46%. The company had revenue of $3 billion for the quarter, compared to analysts' expectations of $3.15 billion. During the same period in the prior year, the firm earned $0.19 earnings per share. The firm's revenue was up 13.9% compared to the same quarter last year. On average, equities analysts predict that Barrick Mining will post 1.47 EPS for the current year.

Barrick Mining Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Friday, May 30th. Barrick Mining's dividend payout ratio (DPR) is presently 30.08%.

Hedge Funds Weigh In On Barrick Mining

Hedge funds have recently made changes to their positions in the company. Capital International Investors increased its position in shares of Barrick Mining by 136.1% during the fourth quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer's stock worth $516,055,000 after purchasing an additional 19,189,830 shares in the last quarter. Causeway Capital Management LLC acquired a new stake in shares of Barrick Mining during the fourth quarter worth about $172,225,000. Wellington Management Group LLP boosted its stake in shares of Barrick Mining by 17.5% during the fourth quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer's stock worth $996,802,000 after buying an additional 9,598,292 shares during the period. FIL Ltd boosted its stake in shares of Barrick Mining by 236.7% during the fourth quarter. FIL Ltd now owns 6,815,946 shares of the gold and copper producer's stock worth $105,692,000 after buying an additional 4,791,663 shares during the period. Finally, Capital International Inc. CA acquired a new stake in shares of Barrick Mining during the fourth quarter worth about $57,991,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

About Barrick Mining

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.