Barrick Mining (NYSE:B) Price Target Raised to $52.00

Key Points

• JPMorgan raised Barrick Mining’s price target to $52 from $50 and maintained an “overweight” rating, implying 25.75% upside from the prior close.
• Barrick shares rose 1.1% to $41.35, while analysts maintain a “Moderate Buy” consensus with an average price target of $52.57.
• The company reported quarterly EPS of $0.82, slightly ahead of estimates, while revenue reached $4.19 billion and increased 43.8% year over year; institutional investors own 90.82% of the stock.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $50.00 to $52.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the gold and copper producer's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 25.75% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Canadian Imperial Bank of Commerce set a $57.00 price objective on shares of Barrick Mining in a report on Wednesday. TD lowered their target price on shares of Barrick Mining from $61.00 to $59.00 and set a "buy" rating on the stock in a report on Tuesday. Citigroup reaffirmed a "positive" rating on shares of Barrick Mining in a research report on Wednesday, July 15th. Royal Bank Of Canada cut their price target on Barrick Mining from $51.00 to $49.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Finally, Wall Street Zen lowered Barrick Mining from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Barrick Mining presently has an average rating of "Moderate Buy" and an average price target of $52.57.

Barrick Mining Stock Up 1.1%

Barrick Mining stock traded up $0.44 during mid-day trading on Friday, reaching $41.35. The stock had a trading volume of 4,186,619 shares, compared to its average volume of 13,195,314. The firm has a market capitalization of $68.06 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 0.80 and a beta of 0.47. Barrick Mining has a fifty-two week low of $23.43 and a fifty-two week high of $54.69. The stock's 50-day simple moving average is $38.23 and its 200-day simple moving average is $41.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.44 and a current ratio of 3.06.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its earnings results on Monday, August 10th. The gold and copper producer reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. The company had revenue of $4.19 billion for the quarter, compared to analysts' expectations of $5.10 billion. Barrick Mining had a return on equity of 16.17% and a net margin of 31.60%.During the same period last year, the business earned $0.47 EPS. Barrick Mining's quarterly revenue was up 43.8% compared to the same quarter last year. On average, sell-side analysts forecast that Barrick Mining will post 3.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Barrick Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its stake in shares of Barrick Mining by 22.8% in the 4th quarter. Van ECK Associates Corp now owns 55,423,240 shares of the gold and copper producer's stock worth $2,413,699,000 after buying an additional 10,287,544 shares during the last quarter. Royal Bank of Canada increased its position in shares of Barrick Mining by 10.9% during the first quarter. Royal Bank of Canada now owns 39,598,520 shares of the gold and copper producer's stock valued at $1,615,225,000 after acquiring an additional 3,881,841 shares during the last quarter. FIL Ltd lifted its holdings in Barrick Mining by 85.3% during the fourth quarter. FIL Ltd now owns 30,099,422 shares of the gold and copper producer's stock worth $1,311,169,000 after acquiring an additional 13,853,587 shares during the period. Mackenzie Financial Corp lifted its holdings in Barrick Mining by 61.9% during the fourth quarter. Mackenzie Financial Corp now owns 20,591,745 shares of the gold and copper producer's stock worth $909,104,000 after acquiring an additional 7,870,411 shares during the period. Finally, TD Asset Management Inc lifted its holdings in Barrick Mining by 5.6% during the fourth quarter. TD Asset Management Inc now owns 20,395,667 shares of the gold and copper producer's stock worth $889,627,000 after acquiring an additional 1,086,332 shares during the period. Hedge funds and other institutional investors own 90.82% of the company's stock.

About Barrick Mining

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company's activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.

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