Barrick Mining (NYSE:B) Upgraded by Cibc World Mkts to Strong-Buy Rating

Key Points

• Barrick Mining has been upgraded to a "strong-buy" rating by CIBC World Markets, indicating a positive shift in analysts' perspectives on the stock.
• Royal Bank of Canada has set a price target of $26.00 for Barrick Mining shares, contributing to a consensus target price of $24.41.
• The company's recent quarterly earnings met expectations, reporting $0.47 earnings per share with revenue of $3.72 billion, up 16.4% year-over-year.

Cibc World Mkts upgraded shares of Barrick Mining (NYSE:B - Free Report) TSE: ABX from a hold rating to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports.

Other analysts also recently issued reports about the stock. CIBC raised shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Royal Bank Of Canada set a $26.00 price target on shares of Barrick Mining and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Scotiabank increased their price target on shares of Barrick Mining from $20.00 to $22.00 and gave the company a "sector perform" rating in a report on Monday, April 14th. Wall Street Zen downgraded shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Finally, BMO Capital Markets initiated coverage on shares of Barrick Mining in a report on Wednesday, April 16th. They issued a "market perform" rating for the company. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Barrick Mining has an average rating of "Moderate Buy" and a consensus target price of $24.77.

Barrick Mining Stock Up 2.0%

Barrick Mining stock traded up $0.47 during trading hours on Tuesday, hitting $24.09. The company had a trading volume of 11,331,195 shares, compared to its average volume of 12,979,969. The firm has a market capitalization of $41.10 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 0.37 and a beta of 0.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.16. The firm's fifty day moving average is $21.53 and its 200-day moving average is $19.68. Barrick Mining has a fifty-two week low of $15.11 and a fifty-two week high of $24.15.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its quarterly earnings results on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, hitting the consensus estimate of $0.47. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The company had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.60 billion. During the same quarter in the prior year, the business posted $0.32 EPS. Barrick Mining's quarterly revenue was up 16.4% on a year-over-year basis. On average, research analysts forecast that Barrick Mining will post 1.47 earnings per share for the current year.

Institutional Investors Weigh In On Barrick Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC grew its position in shares of Barrick Mining by 1,919.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,968 shares of the gold and copper producer's stock worth $56,000 after buying an additional 2,821 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Barrick Mining by 14.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 73,636 shares of the gold and copper producer's stock worth $1,141,000 after buying an additional 9,149 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of Barrick Mining by 24.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 20,795 shares of the gold and copper producer's stock worth $404,000 after buying an additional 4,082 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Barrick Mining by 25.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 291,281 shares of the gold and copper producer's stock worth $5,663,000 after buying an additional 59,906 shares during the period. Finally, Northern Trust Corp grew its position in shares of Barrick Mining by 85.2% during the 4th quarter. Northern Trust Corp now owns 1,657,330 shares of the gold and copper producer's stock worth $25,689,000 after buying an additional 762,227 shares during the period. 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.