Barrick Mining Sees Unusually Large Options Volume (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 some unusual options trading activity on Tuesday. Stock investors acquired 90,999 call options on the stock. Thisisanincreaseofapproximately161% compared to the typical daily volume of 34,837 call options.

Hedge Funds Weigh In On Barrick Mining

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vermillion Wealth Management Inc. purchased a new position in Barrick Mining in the 2nd quarter worth approximately $25,000. Crowley Wealth Management Inc. purchased a new position in shares of Barrick Mining during the 2nd quarter valued at approximately $26,000. Concord Wealth Partners purchased a new position in shares of Barrick Mining during the 2nd quarter valued at approximately $26,000. Ameriflex Group Inc. purchased a new position in shares of Barrick Mining during the 2nd quarter valued at approximately $27,000. Finally, Trifecta Capital Advisors LLC purchased a new position in shares of Barrick Mining during the 2nd quarter valued at approximately $27,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

Barrick Mining Trading Up 2.0%

Shares of NYSE B traded up $0.47 on Friday, reaching $24.09. 11,331,195 shares of the company traded hands, compared to its average volume of 12,979,969. Barrick Mining has a fifty-two week low of $15.11 and a fifty-two week high of $24.15. The company has a 50 day moving average of $21.53 and a 200 day moving average of $19.66. 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 $41.10 billion, a PE ratio of 15.15, a P/E/G ratio of 0.36 and a beta of 0.27.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last posted its earnings results on Monday, August 11th. 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 during the quarter, compared to the consensus estimate of $3.60 billion. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The company's revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. On average, equities research analysts forecast that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. CIBC upgraded shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a research report on Tuesday. Royal Bank Of Canada set a $26.00 target price on shares of Barrick Mining and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Scotiabank set a $26.00 price objective on shares of Barrick Mining and gave the company a "sector perform" rating in a research report on Wednesday. Wall Street Zen lowered shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Cibc World Mkts upgraded shares of Barrick Mining from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $24.77.

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.