Barrick Mining (NYSE:B) Reaches New 1-Year High - Still a Buy?

Key Points

• Barrick Mining has reached a new 52-week high of $28.84, reflecting a notable performance amid a trading volume of 565,797 shares.
• The company's quarterly earnings showed a revenue of $3.72 billion, surpassing estimates, with a year-over-year increase of 16.4% and an EPS of $0.47.
• Barrick Mining has recently cut its dividend to $0.15 per share, representing a yield of 2.1%, while maintaining a dividend payout ratio of 37.74%.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX shares hit a new 52-week high on Monday . The stock traded as high as $28.84 and last traded at $28.74, with a volume of 565797 shares trading hands. The stock had previously closed at $28.41.

Analysts Set New Price Targets

B has been the subject of several analyst reports. CIBC upgraded Barrick Mining from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Scotiabank boosted their price target on Barrick Mining from $25.00 to $26.00 and gave the company a "sector perform" rating in a report on Wednesday, August 13th. Wall Street Zen downgraded Barrick Mining from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Royal Bank Of Canada set a $26.00 price objective on Barrick Mining and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.85.

Barrick Mining Trading Down 1.2%

The stock has a market capitalization of $49.47 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 0.54 and a beta of 0.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.53. The business's 50-day simple moving average is $23.79 and its two-hundred day simple moving average is $20.88.

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 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 the consensus estimate of $3.60 billion. During the same period in the prior year, the firm earned $0.32 EPS. The firm's quarterly revenue was up 16.4% compared to the same quarter last year. On average, research analysts anticipate that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, August 29th. Barrick Mining's dividend payout ratio is currently 37.74%.

Institutional Trading of Barrick Mining

Large investors have recently added to or reduced their stakes in the stock. Vermillion Wealth Management Inc. acquired a new stake in Barrick Mining in the 2nd quarter valued at $25,000. Concord Wealth Partners acquired a new stake in Barrick Mining in the 2nd quarter valued at $26,000. Crowley Wealth Management Inc. acquired a new stake in Barrick Mining in the 2nd quarter valued at $26,000. Ameriflex Group Inc. acquired a new stake in Barrick Mining in the 2nd quarter valued at $27,000. Finally, Trifecta Capital Advisors LLC purchased a new position in Barrick Mining in the 2nd quarter valued at about $27,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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.