Barrick Mining (NYSE:B) Reaches New 52-Week High - Here's Why

Key Points

• Barrick Mining Corporation's shares have reached a new 52-week high of $22.27, with a trading volume of 2,585,900 shares.
• Recent analyst reports have resulted in revised price targets for the stock, with Scotiabank increasing its target to $22.00 and CIBC raising it to $28.00, reflecting a consensus rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.10 per share, representing a 1.8% yield, with a dividend payout ratio of 30.08%.

Shares of Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX reached a new 52-week high on Monday . The company traded as high as $22.27 and last traded at $22.08, with a volume of 2585900 shares. The stock had previously closed at $21.37.

Analysts Set New Price Targets

A number of research firms recently weighed in on B. BMO Capital Markets began coverage on Barrick Mining in a research note on Wednesday, April 16th. They set a "market perform" rating on the stock. Scotiabank increased their price objective on Barrick Mining from $20.00 to $22.00 and gave the stock a "sector perform" rating in a research note on Monday, April 14th. Royal Bank Of Canada set a $26.00 price objective on Barrick Mining and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. CIBC increased their price objective on Barrick Mining from $24.00 to $28.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Finally, Wall Street Zen raised Barrick Mining from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.41.

Barrick Mining Stock Up 3.3%

The stock has a fifty day moving average of $20.80 and a 200 day moving average of $19.20. The firm has a market capitalization of $37.66 billion, a P/E ratio of 16.59, a price-to-earnings-growth ratio of 0.32 and a beta of 0.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.87 and a quick ratio of 2.16.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $3 billion for the quarter, compared to analyst estimates of $3.15 billion. Barrick Mining had a return on equity of 7.51% and a net margin of 17.46%. Barrick Mining's quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the company posted $0.19 earnings per share. On average, research analysts anticipate that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Barrick Mining Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, May 30th. Barrick Mining's dividend payout ratio is 30.08%.

Hedge Funds Weigh In On Barrick Mining

Institutional investors and hedge funds have recently bought and sold shares of the company. Capital International Investors boosted its holdings in shares of Barrick Mining by 136.1% in the fourth quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer's stock worth $516,055,000 after acquiring an additional 19,189,830 shares during the period. TD Asset Management Inc bought a new position in shares of Barrick Mining in the second quarter worth $386,328,000. Ninety One UK Ltd bought a new position in shares of Barrick Mining in the second quarter worth $326,862,000. Causeway Capital Management LLC bought a new position in shares of Barrick Mining in the fourth quarter worth $172,225,000. Finally, FIL Ltd boosted its holdings in shares of Barrick Mining by 236.7% in the fourth quarter. FIL Ltd now owns 6,815,946 shares of the gold and copper producer's stock worth $105,692,000 after acquiring an additional 4,791,663 shares during the period. 90.82% of the stock is owned by institutional investors.

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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