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

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 posted 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 the consensus estimate of $3.60 billion. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. Barrick Mining's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 earnings per share.

Barrick Mining Trading Up 1.4%

Shares of NYSE B traded up $0.33 during mid-day trading on Friday, hitting $23.95. 5,062,587 shares of the company traded hands, compared to its average volume of 19,560,516. The company has a quick ratio of 2.16, a current ratio of 3.21 and a debt-to-equity ratio of 0.14. Barrick Mining has a 1 year low of $15.11 and a 1 year high of $24.15. The business has a 50 day moving average of $21.44 and a two-hundred day moving average of $19.60. The stock has a market capitalization of $40.85 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 0.37 and a beta of 0.27.

Hedge Funds Weigh In On Barrick Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC bought a new position in Barrick Mining during the second quarter worth about $53,000. McIlrath & Eck LLC acquired a new position in shares of Barrick Mining in the second quarter valued at approximately $89,000. Banque Transatlantique SA bought a new stake in Barrick Mining during the second quarter worth $199,000. Diversify Advisory Services LLC bought a new stake in Barrick Mining during the second quarter worth $205,000. Finally, Jump Financial LLC acquired a new position in shares of Barrick Mining during the second quarter worth $273,000. Institutional investors and hedge funds own 90.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently 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 report on Wednesday. Royal Bank Of Canada set a $26.00 price objective on shares of Barrick Mining and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Wall Street Zen downgraded shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Cibc World Mkts upgraded shares of Barrick Mining from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Finally, CIBC upgraded shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a research note on Tuesday. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.