National Bank Financial Upgrades Barrick Mining (NYSE:B) to Outperform

Key Points

• Barrick Mining has been upgraded by National Bank Financial from a "sector perform" to an "outperform" rating, indicating increased confidence in the company's stock performance.
• Analyst reports have varied, with some firms like Wall Street Zen lowering their rating while others like CIBC raised the price objective, showing differing perspectives on Barrick's market position.
• The company reported earnings of $0.47 per share and revenue of $3.72 billion for the last quarter, up 16.4% from the previous year, meeting analyst expectations.

National Bank Financial upgraded shares of Barrick Mining (NYSE:B - Free Report) TSE: ABX from a sector perform rating to an outperform rating in a report issued on Monday morning, MarketBeat.com reports.

Several other analysts have also recently weighed in on the company. Raymond James Financial set a $32.00 price objective on Barrick Mining in a research report on Thursday. Cibc World Mkts upgraded shares of Barrick Mining from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Scotiabank upped their price objective on Barrick Mining from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 13th. Zacks Research downgraded shares of Barrick Mining from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Finally, Royal Bank Of Canada set a $26.00 price objective on shares of Barrick Mining and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.00.

Barrick Mining Price Performance

Shares of B stock traded up $2.38 during trading on Monday, hitting $35.37. The company had a trading volume of 51,681,822 shares, compared to its average volume of 20,044,188. The stock's 50-day moving average is $25.12 and its two-hundred day moving average is $21.54. Barrick Mining has a 52 week low of $15.11 and a 52 week high of $35.70. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $60.23 billion, a price-to-earnings ratio of 22.25, a price-to-earnings-growth ratio of 0.58 and a beta of 0.27.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, hitting the consensus estimate of $0.47. The firm had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The company's quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 earnings per share. As a group, analysts predict that Barrick Mining will post 1.47 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.60 dividend on an annualized basis and a yield of 1.7%. Barrick Mining's payout ratio is presently 37.74%.

Institutional Trading of Barrick Mining

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. acquired a new position in Barrick Mining during the second quarter worth about $1,459,633,000. Arrowstreet Capital Limited Partnership purchased a new stake in Barrick Mining during the 2nd quarter worth approximately $1,091,122,000. First Eagle Investment Management LLC purchased a new stake in Barrick Mining during the 2nd quarter worth approximately $822,056,000. TD Asset Management Inc purchased a new stake in Barrick Mining during the 2nd quarter worth approximately $386,328,000. Finally, Ninety One UK Ltd purchased a new stake in shares of Barrick Mining in the 2nd quarter valued at approximately $326,862,000. Institutional investors and hedge funds own 90.82% of the company's stock.

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.