Investors Buy High Volume of Call Options on Barrick Mining (NYSE:B)

Key Points

• Barrick Mining experienced a significant spike in options trading with 90,999 call options purchased, representing a 161% increase over the normal daily volume.
• The company's stock price rose by 1.5%, reaching $23.19, and it reported quarterly earnings of $0.47 per share, meeting analysts' expectations.
• Institutional investors hold 90.82% of Barrick Mining's shares, indicating strong confidence in the company's performance amidst ongoing changes in hedge fund positions.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX was the recipient of unusually large options trading activity on Tuesday. Stock traders acquired 90,999 call options on the company. Thisisanincreaseofapproximately161% compared to the typical volume of 34,837 call options.

Barrick Mining Trading Up 2.0%

NYSE B traded up $0.47 on Friday, hitting $24.09. The company's stock had a trading volume of 11,331,195 shares, compared to its average volume of 12,979,969. The company has a quick ratio of 2.16, a current ratio of 3.21 and a debt-to-equity ratio of 0.14. Barrick Mining has a 1-year low of $15.11 and a 1-year high of $24.15. The company's 50-day moving average is $21.53 and its 200 day moving average is $19.66. The firm has a market cap of $41.10 billion, a PE ratio of 15.15, a PEG 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 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.47. The business had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.60 billion. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. Barrick Mining's revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 earnings per share. As a group, analysts predict that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Penserra Capital Management LLC increased its holdings in Barrick Mining by 1,919.0% during the first quarter. Penserra Capital Management LLC now owns 2,968 shares of the gold and copper producer's stock worth $56,000 after buying an additional 2,821 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Barrick Mining by 14.2% during the fourth 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 period. Sequoia Financial Advisors LLC boosted its position in Barrick Mining by 24.4% during the first 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 period. Janney Montgomery Scott LLC boosted its position in Barrick Mining by 25.9% during the first 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 period. Finally, Renaissance Technologies LLC bought a new position in Barrick Mining during the fourth quarter worth about $19,505,000. Institutional investors and hedge funds own 90.82% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on B shares. CIBC raised shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a research note on Tuesday. Wall Street Zen cut shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. 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. Cibc World Mkts raised shares of Barrick Mining from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Finally, Scotiabank set a $26.00 target price on shares of Barrick Mining and gave the company a "sector perform" rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $24.77.

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.