Barrick Mining (NYSE:B) Upgraded at Cibc World Mkts

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 report released on Tuesday,Zacks.com reports.

Several other equities research analysts also recently commented on B. Royal Bank Of Canada set a $26.00 target price on shares of Barrick Mining and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. BMO Capital Markets started coverage on shares of Barrick Mining in a research note on Wednesday, April 16th. They issued a "market perform" rating on the stock. CIBC upgraded shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a research note on Tuesday. Scotiabank boosted their target price on shares of Barrick Mining from $20.00 to $22.00 and gave the company a "sector perform" rating in a research note on Monday, April 14th. Finally, Wall Street Zen downgraded shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $24.77.

Barrick Mining Stock Performance

Shares of B traded up $0.47 during mid-day trading on Tuesday, hitting $24.09. The company's stock had a trading volume of 11,331,195 shares, compared to its average volume of 12,979,969. Barrick Mining has a one year low of $15.11 and a one year high of $24.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.16 and a current ratio of 3.21. The firm has a market capitalization of $41.10 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 0.36 and a beta of 0.27. The stock's 50-day moving average is $21.53 and its two-hundred day moving average is $19.66.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, meeting analysts' consensus estimates of $0.47. The business had revenue of $3.72 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. As a group, sell-side analysts anticipate that Barrick Mining will post 1.47 EPS for the current year.

Hedge Funds Weigh In On Barrick Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in B. Vanguard Group Inc. acquired a new position in shares of Barrick Mining during the 2nd quarter worth about $1,459,633,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Barrick Mining during the 2nd quarter valued at about $1,091,122,000. First Eagle Investment Management LLC bought a new position in shares of Barrick Mining during the 2nd quarter valued at about $822,056,000. Capital International Investors lifted its holdings in shares of Barrick Mining by 136.1% during the 4th quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer's stock valued at $516,055,000 after purchasing an additional 19,189,830 shares in the last quarter. Finally, TD Asset Management Inc bought a new position in shares of Barrick Mining during the 2nd quarter valued at about $386,328,000. Institutional investors 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.