Barrick Mining (NYSE:B) Releases Earnings Results, Hits Estimates

Key Points

• Barrick Mining reported earnings of $0.47 per share for the quarter, falling short of analyst expectations by $0.02.
• The company's stock price opened at $23.43, showing a market cap of $39.97 billion and a P/E ratio of 17.62.
• Analyst ratings for Barrick Mining include a mix of "buy," "hold," and "neutral," with an average price target of $24.41.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX released its quarterly earnings results on Monday. The gold and copper producer reported $0.47 earnings per share for the quarter, hitting analysts' consensus estimates of $0.47, Zacks reports. The business had revenue of $3.72 billion during the quarter, compared to analysts' expectations of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%. The company's revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.32 EPS.

Barrick Mining Stock Down 1.0%

Shares of NYSE:B traded down $0.23 during trading hours on Thursday, reaching $23.63. The stock had a trading volume of 11,155,012 shares, compared to its average volume of 19,651,709. Barrick Mining has a 1 year low of $15.11 and a 1 year high of $24.15. The firm's 50 day moving average is $21.37 and its 200-day moving average is $19.55. 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 stock has a market capitalization of $40.31 billion, a price-to-earnings ratio of 14.86, a P/E/G ratio of 0.36 and a beta of 0.27.

Institutional Investors Weigh In On Barrick Mining

A number of large investors have recently modified their holdings of B. EverSource Wealth Advisors LLC purchased a new position in shares of Barrick Mining in the 2nd quarter valued at $53,000. Diversify Advisory Services LLC purchased a new position in shares of Barrick Mining in the 2nd quarter valued at $205,000. Jump Financial LLC purchased a new position in shares of Barrick Mining in the 2nd quarter valued at $273,000. CW Advisors LLC purchased a new position in shares of Barrick Mining in the 2nd quarter valued at $283,000. Finally, HUB Investment Partners LLC purchased a new position in shares of Barrick Mining in the 2nd quarter valued at $376,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.