Barrick Mining (NYSE:B) Hits New 52-Week High - Should You Buy?

Key Points

• Barrick Mining Corporation's shares reached a new 52-week high of $26.61, showing significant trading volume of over 2.6 million shares.
• Multiple analysts have updated their ratings on Barrick Mining, with two analysts giving a "Strong Buy", while others maintain a "Buy" or "Hold" rating, with a consensus price target of $24.77.
• The company recently reported quarterly earnings of $0.47 per share, aligning with analyst expectations, and experienced a 16.4% year-over-year revenue increase to $3.72 billion.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX's share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $26.61 and last traded at $26.36, with a volume of 2671265 shares changing hands. The stock had previously closed at $26.20.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on B shares. Zacks Research downgraded shares of Barrick Mining from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. 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. Cibc World Mkts raised shares of Barrick Mining from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. CIBC upgraded shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Finally, Royal Bank Of Canada set a $26.00 target price on shares of Barrick Mining and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Barrick Mining has a consensus rating of "Moderate Buy" and an average price target of $24.85.

Barrick Mining Stock Performance

The firm has a fifty day moving average of $22.38 and a 200-day moving average of $20.21. The firm has a market cap of $45.52 billion, a P/E ratio of 16.78, a PEG ratio of 0.48 and a beta of 0.27. 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 posted 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 business had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.60 billion. During the same quarter last year, the business earned $0.32 earnings per share. The firm's quarterly revenue was up 16.4% compared to the same quarter last year. Research analysts predict that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, August 29th. Barrick Mining's dividend payout ratio (DPR) is currently 25.16%.

Institutional Investors Weigh In On Barrick Mining

Hedge funds and other institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC increased its position in shares of Barrick Mining by 1,919.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,968 shares of the gold and copper producer's stock worth $56,000 after purchasing an additional 2,821 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Barrick Mining by 14.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 73,636 shares of the gold and copper producer's stock worth $1,141,000 after purchasing an additional 9,149 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in shares of Barrick Mining by 24.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 20,795 shares of the gold and copper producer's stock worth $404,000 after purchasing an additional 4,082 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Barrick Mining by 25.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 291,281 shares of the gold and copper producer's stock worth $5,663,000 after purchasing an additional 59,906 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Barrick Mining by 85.2% during the 4th quarter. Northern Trust Corp now owns 1,657,330 shares of the gold and copper producer's stock worth $25,689,000 after purchasing an additional 762,227 shares during the last quarter. Institutional investors and hedge funds 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.