Barrick Mining Target of Unusually High Options Trading (NYSE:B)

Key Points

• Unusually high options activity: Traders purchased 27,669 Barrick Mining call options, 31% above the typical daily volume.
• Strong quarterly earnings: Barrick reported quarterly EPS of $0.98, beating estimates by $0.18, while revenue rose 66.7% year over year to $4.11 billion, below analyst expectations.
• Mixed investor outlook: Institutional investors own 90.82% of the stock, while analysts maintain a “Moderate Buy” consensus with an average price target of $52.46 despite several recent target reductions.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX saw some unusual options trading on Thursday. Stock traders purchased 27,669 call options on the company. This represents an increase of 31% compared to the typical daily volume of 21,054 call options.

Barrick Mining Price Performance

Shares of Barrick Mining stock traded up $0.29 on Thursday, hitting $41.34. 6,475,546 shares of the company traded hands, compared to its average volume of 13,114,879. The firm's 50-day simple moving average is $38.35 and its 200 day simple moving average is $42.12. The company has a current ratio of 3.06, a quick ratio of 2.44 and a debt-to-equity ratio of 0.13. The company has a market cap of $68.04 billion, a P/E ratio of 11.42, a P/E/G ratio of 0.81 and a beta of 0.47. Barrick Mining has a 12-month low of $22.13 and a 12-month high of $54.69.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its earnings results on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.18. Barrick Mining had a net margin of 32.14% and a return on equity of 14.81%. The company had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.75 billion. The firm's revenue for the quarter was up 66.7% compared to the same quarter last year. Analysts expect that Barrick Mining will post 3.57 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, May 29th. Barrick Mining's dividend payout ratio is presently 19.34%.

Hedge Funds Weigh In On Barrick Mining

A number of large investors have recently modified their holdings of B. CW Advisors LLC purchased a new position in shares of Barrick Mining during the second quarter worth approximately $283,000. EverSource Wealth Advisors LLC bought a new position in shares of Barrick Mining during the 2nd quarter valued at $53,000. First Trust Advisors LP bought a new position in shares of Barrick Mining during the 2nd quarter valued at $857,000. Baird Financial Group Inc. purchased a new position in Barrick Mining in the 2nd quarter worth $2,569,000. Finally, Cresset Asset Management LLC purchased a new position in Barrick Mining in the 2nd quarter worth $543,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their target price on Barrick Mining from $58.00 to $50.00 and set an "overweight" rating for the company in a report on Tuesday, July 21st. Barclays lowered their price target on shares of Barrick Mining from $41.00 to $39.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 15th. Royal Bank Of Canada reduced their price objective on shares of Barrick Mining from $51.00 to $49.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Wall Street Zen lowered shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Finally, Weiss Ratings cut shares of Barrick Mining from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $52.46.

About Barrick Mining

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company's activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.

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