Barrick Mining (NYSE:B) Shares Gap Down After Earnings Miss

Key Points

• Barrick Mining Corporation reported $0.47 EPS for the quarter, missing analysts' estimates of $0.49, resulting in a gap down in stock price from $23.43 to $22.36.
• Despite the earnings miss, Barrick's revenue increased by 16.4% year-over-year, indicating potential growth despite the disappointing earnings.
• Analysts have mixed ratings on the stock with seven hold ratings, eight buy ratings, and one strong buy, reflecting varying confidence in Barrick's financial outlook.

Shares of Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX gapped down before the market opened on Monday following a weaker than expected earnings announcement. The stock had previously closed at $23.43, but opened at $22.36. Barrick Mining shares last traded at $22.65, with a volume of 5,384,504 shares.

The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.47. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%. Barrick Mining's revenue was up 16.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.32 earnings per share.

Wall Street Analyst Weigh In

B has been the subject of a number of recent analyst reports. 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 research report on Tuesday. Scotiabank set a $26.00 price target on Barrick Mining and gave the company a "sector perform" rating in a research report on Wednesday. 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 World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.77.

Institutional Investors Weigh In On Barrick Mining

A number of institutional investors have recently bought and sold shares of the business. Vermillion Wealth Management Inc. purchased a new stake in shares of Barrick Mining during the 2nd quarter worth about $25,000. Crowley Wealth Management Inc. acquired a new stake in Barrick Mining in the 2nd quarter worth approximately $26,000. Concord Wealth Partners acquired a new stake in Barrick Mining in the 2nd quarter worth approximately $26,000. Ameriflex Group Inc. acquired a new stake in Barrick Mining in the 2nd quarter worth approximately $27,000. Finally, Trifecta Capital Advisors LLC acquired a new stake in Barrick Mining in the 2nd quarter worth approximately $27,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Barrick Mining Trading Down 1.0%

The company has a fifty day moving average of $21.37 and a two-hundred day moving average of $19.55. 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 stock has a market capitalization of $40.28 billion, a price-to-earnings ratio of 14.85, a price-to-earnings-growth ratio of 0.36 and a beta of 0.27.

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.