Barrick Mining (NYSE:B) Raised to Sector Outperform at Scotiabank

Key Points

• Barrick Mining was upgraded by Scotiabank from a "sector perform" rating to a "sector outperform" rating, with a target price of $43.00, indicating a potential upside of 36.57% from its current price.
• Several analysts have raised their target prices on Barrick Mining's stock, with Royal Bank of Canada now at $38.00 and UBS Group at $39.00, reflecting positive sentiment among financial experts.
• Barrick Mining reported earnings of $0.47 EPS for the last quarter, matching consensus estimates, along with a 16.4% increase in revenue compared to the previous year.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX was upgraded by stock analysts at Scotiabank from a "sector perform" rating to a "sector outperform" rating in a note issued to investors on Thursday, Marketbeat reports. The brokerage presently has a $43.00 target price on the gold and copper producer's stock. Scotiabank's price objective would indicate a potential upside of 36.57% from the company's current price.

Several other equities analysts have also recently weighed in on the company. Royal Bank Of Canada lifted their target price on Barrick Mining from $34.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. UBS Group increased their target price on shares of Barrick Mining from $35.00 to $39.00 and gave the stock a "buy" rating in a research report on Thursday, October 16th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Barrick Mining in a research note on Wednesday, September 24th. BMO Capital Markets reiterated a "market perform" rating on shares of Barrick Mining in a report on Monday, September 22nd. Finally, Wall Street Zen upgraded Barrick Mining from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Barrick Mining has an average rating of "Moderate Buy" and a consensus price target of $42.70.

Barrick Mining Trading Down 0.0%

Shares of B stock opened at $31.49 on Thursday. The stock has a 50-day simple moving average of $30.26 and a 200 day simple moving average of $23.72. Barrick Mining has a fifty-two week low of $15.11 and a fifty-two week high of $36.40. The stock has a market capitalization of $53.61 billion, a P/E ratio of 19.80, a P/E/G ratio of 0.39 and a beta of 0.30. 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 (NYSE:B - Get Free Report) TSE: ABX last announced its 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. The business had revenue of $3.72 billion during 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%.Barrick Mining's revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.32 earnings per share. On average, sell-side analysts expect that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Institutional Trading of Barrick Mining

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. bought a new position in Barrick Mining in the 2nd quarter valued at $1,459,633,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Barrick Mining in the second quarter valued at $1,091,122,000. First Eagle Investment Management LLC bought a new stake in Barrick Mining during the 2nd quarter worth about $822,056,000. TD Asset Management Inc bought a new stake in Barrick Mining during the 2nd quarter worth about $386,328,000. Finally, Ninety One UK Ltd bought a new stake in Barrick Mining during the 2nd quarter worth about $326,862,000. Institutional investors and hedge funds 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.

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