Barrick Mining Sees Unusually Large Options Volume (NYSE:B)

Key Points

• Barrick Mining Corporation experienced a significant surge in options trading, with 72,327 call options acquired, a 37% increase over the average daily volume.
• The company’s stock rose 3.5% to $35.88, with a year-to-date range between $15.11 and $36.40.
• Barrick Mining reported quarterly earnings meeting estimates at $0.47 EPS, with revenue of $3.72 billion, exceeding projections of $3.60 billion.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX saw unusually large options trading activity on Thursday. Investors acquired 72,327 call options on the stock. This is an increase of approximately 37% compared to the average daily volume of 52,657 call options.

Barrick Mining Trading Up 3.5%

NYSE B traded up $1.20 during mid-day trading on Thursday, hitting $35.88. The company's stock had a trading volume of 12,436,745 shares, compared to its average volume of 20,210,143. Barrick Mining has a 52-week low of $15.11 and a 52-week high of $36.40. The stock's fifty day simple moving average is $29.26 and its two-hundred day simple moving average is $23.23. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.53. The firm has a market capitalization of $61.10 billion, a P/E ratio of 22.61, a price-to-earnings-growth ratio of 0.54 and a beta of 0.30.

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 EPS for the quarter, meeting the consensus estimate of $0.47. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.60 billion. During the same quarter last year, the firm posted $0.32 earnings per share. Barrick Mining's revenue for the quarter was up 16.4% compared to the same quarter last year. Research analysts expect that Barrick Mining will post 1.47 EPS for the current year.

Barrick Mining Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a $0.15 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.60 annualized dividend and a yield of 1.7%. Barrick Mining's dividend payout ratio (DPR) is presently 37.74%.

Analyst Ratings Changes

Several brokerages have weighed in on B. National Bankshares raised shares of Barrick Mining to an "outperform" rating in a research note on Monday, September 22nd. Scotiabank increased their target price on shares of Barrick Mining from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 13th. Cibc World Mkts raised shares of Barrick Mining from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada increased their target price on shares of Barrick Mining from $34.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Barrick Mining in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $41.00.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of B. Farther Finance Advisors LLC grew its position in Barrick Mining by 21.8% in the first quarter. Farther Finance Advisors LLC now owns 3,146 shares of the gold and copper producer's stock valued at $62,000 after acquiring an additional 563 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in Barrick Mining by 2.5% in the first quarter. Kestra Private Wealth Services LLC now owns 28,724 shares of the gold and copper producer's stock valued at $558,000 after acquiring an additional 710 shares in the last quarter. Nicholas Hoffman & Company LLC. grew its position in Barrick Mining by 1.5% in the first quarter. Nicholas Hoffman & Company LLC. now owns 47,544 shares of the gold and copper producer's stock valued at $924,000 after acquiring an additional 716 shares in the last quarter. Hedges Asset Management LLC grew its position in Barrick Mining by 1.7% in the third quarter. Hedges Asset Management LLC now owns 61,000 shares of the gold and copper producer's stock valued at $1,999,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Wedbush Securities Inc. grew its position in Barrick Mining by 5.9% in the first quarter. Wedbush Securities Inc. now owns 18,629 shares of the gold and copper producer's stock valued at $362,000 after acquiring an additional 1,031 shares in the last quarter. Hedge funds and other institutional investors 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.

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