CIBC Forecasts Strong Price Appreciation for Barrick Mining (NYSE:B) Stock

Key Points

• CIBC has raised its target price for Barrick Mining (NYSE:B) from $38.00 to $50.00, indicating a potential upside of 52.18% from the current share price, and maintaining an "outperformer" rating.
• Several analysts have upgraded ratings and price targets for Barrick Mining, with Canaccord Genuity increasing its target to $57.00 and UBS Group giving it a "buy" rating with a target of $35.00.
• Barrick Mining reported a revenue of $3.72 billion for the last quarter, surpassing estimates, with earnings per share of $0.47, reflecting a notable year-over-year increase.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX had its target price hoisted by equities research analysts at CIBC from $38.00 to $50.00 in a report issued on Friday,Benzinga reports. The firm currently has an "outperformer" rating on the gold and copper producer's stock. CIBC's price target indicates a potential upside of 52.18% from the company's current price.

B has been the topic of several other reports. National Bank Financial raised shares of Barrick Mining from a "sector perform" rating to an "outperform" rating in a research report on Monday, September 22nd. UBS Group raised their price target on shares of Barrick Mining from $26.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Barrick Mining in a research report on Wednesday, September 24th. Raymond James Financial set a $40.00 price target on Barrick Mining and gave the stock an "outperform" rating in a research report on Friday. Finally, Canaccord Genuity Group increased their price target on Barrick Mining from $39.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $38.10.

Barrick Mining Stock Performance

NYSE:B traded down $0.18 on Friday, hitting $32.86. The company's stock had a trading volume of 8,388,927 shares, compared to its average volume of 20,263,824. The company has a current ratio of 3.21, a quick ratio of 2.53 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average of $28.35 and a two-hundred day moving average of $22.83. The firm has a market capitalization of $55.95 billion, a P/E ratio of 20.62, a price-to-earnings-growth ratio of 0.56 and a beta of 0.30. Barrick Mining has a one year low of $15.11 and a one year high of $36.10.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share for the quarter, meeting the consensus estimate of $0.47. The company 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%. The company'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. Research analysts predict that Barrick Mining will post 1.47 earnings per share for the current year.

Institutional Trading of Barrick Mining

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in Barrick Mining by 1,844.0% during the first quarter. GAMMA Investing LLC now owns 6,007 shares of the gold and copper producer's stock worth $117,000 after buying an additional 5,698 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Barrick Mining by 21.8% during the 1st quarter. Farther Finance Advisors LLC now owns 3,146 shares of the gold and copper producer's stock valued at $62,000 after buying an additional 563 shares during the period. Fifth Third Bancorp lifted its holdings in Barrick Mining by 28.9% in the 1st quarter. Fifth Third Bancorp now owns 5,644 shares of the gold and copper producer's stock worth $110,000 after buying an additional 1,266 shares during the period. Sapient Capital LLC lifted its holdings in Barrick Mining by 0.5% in the 1st quarter. Sapient Capital LLC now owns 114,572 shares of the gold and copper producer's stock worth $2,227,000 after buying an additional 624 shares during the period. Finally, Union Bancaire Privee UBP SA lifted its position in shares of Barrick Mining by 80.5% in the 1st quarter. Union Bancaire Privee UBP SA now owns 59,782 shares of the gold and copper producer's stock worth $1,094,000 after purchasing an additional 26,658 shares during the period. 90.82% of the stock is owned by hedge funds and other institutional investors.

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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