Barrick Mining (NYSE:B) Price Target Raised to $36.00 at Raymond James Financial

Key Points

• Raymond James Financial has raised Barrick Mining's price target from $32.00 to $36.00, maintaining an "outperform" rating on the stock.
• Barrick Mining stock increased by $2.40 to reach $35.39 during mid-day trading on Monday, with a trading volume significantly higher than its average.
• The company reported a revenue of $3.72 billion for the last quarter, surpassing analyst expectations and reflecting a 16.4% increase compared to the previous year.

Barrick Mining (NYSE:B - Free Report) TSE: ABX had its target price boosted by Raymond James Financial from $32.00 to $36.00 in a research note published on Monday morning,Benzinga reports. They currently have an outperform rating on the gold and copper producer's stock.

Several other equities analysts have also recently commented on the stock. National Bank Financial upgraded shares of Barrick Mining from a "sector perform" rating to an "outperform" rating in a report on Monday. Royal Bank Of Canada set a $26.00 price objective on shares of Barrick Mining and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Scotiabank lifted their price objective on shares of Barrick Mining from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 13th. Zacks Research lowered shares of Barrick Mining from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Finally, Wall Street Zen lowered shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

Barrick Mining Stock Up 7.2%

Shares of Barrick Mining stock traded up $2.38 on Monday, hitting $35.37. 51,681,822 shares of the company traded hands, compared to its average volume of 20,044,188. The company has a 50-day moving average price of $25.12 and a 200 day moving average price of $21.54. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14. Barrick Mining has a 12-month low of $15.11 and a 12-month high of $35.70. The company has a market cap of $60.23 billion, a PE ratio of 22.25, a PEG ratio of 0.58 and a beta of 0.27.

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 EPS for the quarter, meeting the consensus estimate of $0.47. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The business had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.60 billion. During the same period in the previous year, the company posted $0.32 EPS. Barrick Mining's revenue was up 16.4% on a year-over-year basis. Sell-side analysts predict that Barrick Mining will post 1.47 earnings per share for the current year.

Barrick Mining Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.60 dividend on an annualized basis and a yield of 1.7%. Barrick Mining's payout ratio is currently 37.74%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vermillion Wealth Management Inc. acquired a new position in Barrick Mining during the 2nd quarter worth $25,000. Concord Wealth Partners acquired a new position in Barrick Mining during the 2nd quarter worth $26,000. Crowley Wealth Management Inc. acquired a new position in shares of Barrick Mining during the second quarter valued at about $26,000. Ameriflex Group Inc. acquired a new position in shares of Barrick Mining during the second quarter valued at about $27,000. Finally, Trifecta Capital Advisors LLC acquired a new position in shares of Barrick Mining during the second quarter valued at about $27,000. Institutional investors and hedge funds 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.