Bank of America Issues Positive Forecast for Barrick Mining (NYSE:B) Stock Price

Key Points

• Bank of America has raised Barrick Mining's price target from $29.00 to $34.00, indicating a potential upside of 5.39% from the current stock price.
• Multiple analysts have given Barrick Mining a consensus rating of “Moderate Buy” with a target price averaging $28.78.
• The company reported earnings of $0.47 per share for the last quarter, meeting expectations, and saw a revenue increase of 16.4% year-over-year.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX had its price objective hoisted by investment analysts at Bank of America from $29.00 to $34.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the gold and copper producer's stock. Bank of America's price objective indicates a potential downside of 3.30% from the company's previous close.

Several other analysts have also recently commented on B. Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. CIBC raised shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Scotiabank raised their target price on shares of Barrick Mining from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 13th. Wall Street Zen downgraded Barrick Mining from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Zacks Research downgraded Barrick Mining from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $33.33.

Barrick Mining Trading Down 0.6%

Shares of NYSE B traded down $0.20 during midday trading on Friday, reaching $35.16. 15,843,734 shares of the stock were exchanged, compared to its average volume of 19,886,719. The company has a market capitalization of $59.87 billion, a P/E ratio of 22.12, a P/E/G ratio of 0.58 and a beta of 0.27. Barrick Mining has a 52-week low of $15.11 and a 52-week high of $36.10. The company has a current ratio of 3.21, a quick ratio of 2.53 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $25.12 and a 200-day moving average price of $21.54.

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, hitting analysts' consensus estimates of $0.47. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.60 billion. During the same quarter last year, the business earned $0.32 earnings per share. Barrick Mining's revenue was up 16.4% compared to the same quarter last year. Equities research analysts expect that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of B. Osaic Holdings Inc. acquired a new stake in Barrick Mining during the second quarter worth about $3,915,000. Orion Porfolio Solutions LLC bought a new position in shares of Barrick Mining during the second quarter valued at approximately $1,514,000. Silverlake Wealth Management LLC bought a new position in shares of Barrick Mining during the second quarter valued at approximately $713,000. Newbridge Financial Services Group Inc. acquired a new position in Barrick Mining during the 2nd quarter valued at approximately $97,000. Finally, Marex Group plc acquired a new position in Barrick Mining during the 2nd quarter valued at approximately $2,990,000. 90.82% of the stock is currently owned by institutional investors.

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.