Barrick Mining (NYSE:B) Sets New 12-Month High - Here's Why

Key Points

• Barrick Mining's stock price reached a new 52-week high of $23.57 during trading, closing at $23.29 with a trading volume of 3,980,919 shares.
• Analyst ratings vary, with Royal Bank of Canada setting a price target of $26.00 and multiple firms providing ratings ranging from "buy" to "sector perform," leading to an average rating of "Moderate Buy."
• The company reported $3.72 billion in revenue for the last quarter, exceeding analysts' expectations and showing a 16.4% increase compared to the previous year.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX's stock price hit a new 52-week high on Tuesday . The company traded as high as $23.57 and last traded at $23.29, with a volume of 3980919 shares trading hands. The stock had previously closed at $22.84.

Analyst Upgrades and Downgrades

B has been the topic of a number of analyst reports. Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Royal Bank Of Canada set a $26.00 price target on Barrick Mining and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. CIBC upgraded Barrick Mining from a "neutral" rating to an "outperform" rating in a report on Tuesday. Wall Street Zen cut Barrick Mining from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Scotiabank set a $26.00 target price on Barrick Mining and gave the stock a "sector perform" rating in a report on Wednesday. Five 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 stock. Based on data from MarketBeat.com, Barrick Mining has a consensus rating of "Moderate Buy" and an average target price of $24.77.

Barrick Mining Price Performance

The company has a current ratio of 3.21, a quick ratio of 2.16 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average price of $21.53 and a 200 day moving average price of $19.66. The company has a market capitalization of $41.10 billion, a P/E ratio of 15.15, a P/E/G ratio of 0.36 and a beta of 0.27.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, hitting the consensus estimate of $0.47. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%. The company had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.60 billion. During the same period in the previous year, the company posted $0.32 EPS. The firm's revenue for the quarter was up 16.4% compared to the same quarter last year. On average, equities analysts predict that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Barrick Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in B. Envestnet Asset Management Inc. raised its holdings in shares of Barrick Mining by 1.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 702,023 shares of the gold and copper producer's stock worth $10,881,000 after buying an additional 11,662 shares in the last quarter. Sterling Capital Management LLC acquired a new position in shares of Barrick Mining during the 4th quarter worth $162,000. XTX Topco Ltd acquired a new position in shares of Barrick Mining during the 4th quarter worth $468,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Barrick Mining during the 4th quarter worth $37,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of Barrick Mining by 26.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,200,788 shares of the gold and copper producer's stock worth $18,531,000 after buying an additional 252,814 shares in the last quarter. 90.82% of the stock is 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.