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

Key Points

• Barrick Mining (NYSE:B) reached a new 52-week high of $24.44, indicating a positive movement in stock price, with over 1.3 million shares traded.
• Research analysts have mixed ratings on Barrick Mining, with a consensus rating of "Moderate Buy" and an average target price of $24.77, while some analysts upgraded the stock from "hold" to "strong-buy."
• The company reported a quarterly revenue of $3.72 billion and an earnings per share (EPS) of $0.47, which met analysts’ expectations, reflecting a 16.4% increase in revenue year-over-year.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX hit a new 52-week high during trading on Monday . The stock traded as high as $24.44 and last traded at $24.06, with a volume of 1324537 shares traded. The stock had previously closed at $24.10.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wall Street Zen cut shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Royal Bank Of Canada set a $26.00 target price on shares of Barrick Mining and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Cibc World Mkts raised Barrick Mining from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. CIBC raised Barrick Mining from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Finally, Scotiabank set a $26.00 price objective on Barrick Mining and gave the company a "sector perform" rating in a research note on Wednesday, August 13th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.77.

Barrick Mining Stock Down 0.0%

The stock has a market capitalization of $41.10 billion, a P/E ratio of 15.12, a PEG ratio of 0.37 and a beta of 0.27. The company has a fifty day moving average price of $21.53 and a 200-day moving average price of $19.70. 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, hitting analysts' consensus estimates of $0.47. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%. The firm had revenue of $3.72 billion during the quarter, compared to analysts' expectations of $3.60 billion. During the same quarter in the previous year, the business earned $0.32 EPS. The company's quarterly revenue was up 16.4% on a year-over-year basis. As a group, research analysts forecast that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vermillion Wealth Management Inc. bought a new position in shares of Barrick Mining during the 2nd quarter worth $25,000. Concord Wealth Partners purchased a new stake in Barrick Mining in the second quarter worth about $26,000. Crowley Wealth Management Inc. bought a new position in Barrick Mining during the 2nd quarter worth about $26,000. Ameriflex Group Inc. bought a new position in Barrick Mining during the 2nd quarter worth about $27,000. Finally, Trifecta Capital Advisors LLC purchased a new position in Barrick Mining during the 2nd quarter valued at about $27,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

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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