Barrick Mining (NYSE:B) Given New $38.00 Price Target at CIBC

Key Points

• CIBC has raised Barrick Mining's price target from $30.00 to $38.00, indicating a potential upside of 10.13% from its current price.
• The stock price of Barrick Mining is currently trading at $34.50, reflecting a 4.6% increase during midday trading on Monday.
• Analysts show a mixed sentiment with ratings ranging from "strong buy" to "hold", but Barrick Mining has an average target price of $29.89.

Barrick Mining (NYSE:B - Free Report) TSE: ABX had its target price boosted by CIBC from $30.00 to $38.00 in a report published on Monday morning,Benzinga reports. They currently have an outperformer rating on the gold and copper producer's stock.

Several other analysts have also commented on the company. Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Raymond James Financial set a $32.00 price objective on shares of Barrick Mining in a report on Thursday. 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. Zacks Research lowered shares of Barrick Mining from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Finally, UBS Group lifted their price objective on shares of Barrick Mining from $26.00 to $35.00 and gave the stock a "buy" rating in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $32.00.

Barrick Mining Stock Up 7.2%

B traded up $2.38 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 has a market capitalization of $60.23 billion, a price-to-earnings ratio of 22.25, a P/E/G ratio of 0.58 and a beta of 0.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.53 and a current ratio of 3.21. The stock has a fifty day moving average price of $25.12 and a 200-day moving average price of $21.54. Barrick Mining has a 12-month low of $15.11 and a 12-month high of $35.70.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released 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. The business had revenue of $3.72 billion during 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%. The company's quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.32 earnings per share. Analysts predict that Barrick Mining will post 1.47 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were given a dividend of $0.15 per share. The ex-dividend date 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 currently 37.74%.

Hedge Funds Weigh In On Barrick Mining

Institutional investors and hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its position in Barrick Mining by 21.8% in the 1st quarter. Farther Finance Advisors LLC now owns 3,146 shares of the gold and copper producer's stock worth $62,000 after purchasing an additional 563 shares in the last quarter. Sapient Capital LLC grew its position in Barrick Mining by 0.5% during the first quarter. Sapient Capital LLC now owns 114,572 shares of the gold and copper producer's stock valued at $2,227,000 after buying an additional 624 shares during the period. Kestra Private Wealth Services LLC grew its position in Barrick Mining by 2.5% during 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 buying an additional 710 shares during the period. Nicholas Hoffman & Company LLC. increased its holdings 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 buying an additional 716 shares in the last quarter. Finally, Edge Wealth Management LLC raised its position in shares of Barrick Mining by 6.1% in the first quarter. Edge Wealth Management LLC now owns 13,110 shares of the gold and copper producer's stock worth $255,000 after acquiring an additional 755 shares during the period. Institutional investors and hedge funds own 90.82% of the company's stock.

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.