Barrick Mining (NYSE:B) Reaches New 52-Week High After Analyst Upgrade

Key Points

• Barrick Mining's shares reached a new 52-week high at $35.70 following an upgrade by TD Securities, which increased its price target from $30 to $38.
• Institutional investors hold 90.82% of Barrick Mining's stock, with several new positions established in the most recent quarter totaling millions of dollars.
• The company reported a quarterly revenue of $3.72 billion, exceeding estimates, and declared a dividend of $0.15 per share, reflecting a 1.7% yield.

Shares of Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX reached a new 52-week high on Tuesday after TD Securities raised their price target on the stock from $30.00 to $38.00. TD Securities currently has a buy rating on the stock. Barrick Mining traded as high as $35.70 and last traded at $35.37, with a volume of 51681822 shares trading hands. The stock had previously closed at $32.99.

Several other research analysts have also issued reports on B. Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada set a $26.00 price target on Barrick Mining and gave the company an "outperform" rating in a report on Wednesday, July 2nd. National Bank Financial upgraded Barrick Mining from a "sector perform" rating to an "outperform" rating in a research report on Monday. Zacks Research cut Barrick Mining from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Finally, CIBC boosted their price target on Barrick Mining from $30.00 to $38.00 and gave the stock an "outperformer" rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $32.00.

Institutional Investors Weigh In On Barrick Mining

A number of institutional investors have recently modified their holdings of B. Osaic Holdings Inc. purchased a new position in Barrick Mining in the 2nd quarter worth approximately $3,915,000. Orion Porfolio Solutions LLC purchased a new position in Barrick Mining in the 2nd quarter worth approximately $1,514,000. Silverlake Wealth Management LLC purchased a new position in Barrick Mining in the 2nd quarter worth approximately $713,000. Newbridge Financial Services Group Inc. purchased a new position in Barrick Mining in the 2nd quarter worth approximately $97,000. Finally, Marex Group plc purchased a new position in Barrick Mining in the 2nd quarter worth approximately $2,990,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Barrick Mining Price Performance

The firm has a market capitalization of $60.23 billion, a PE ratio of 22.25, a price-to-earnings-growth ratio of 0.58 and a beta of 0.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.53 and a current ratio of 3.21. The stock's 50 day simple moving average is $25.12 and its two-hundred day simple moving average is $21.54.

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

Barrick Mining Cuts Dividend

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

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.

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