Bank of America Corp DE Increases Stake in B2Gold Corp $BTG

Key Points

• Bank of America increased its B2Gold stake by 9.9% in the first quarter, acquiring 1.09 million additional shares and bringing its holdings to 12.05 million shares, or 0.90% of the company.
• Institutional ownership remains significant at 61.4%, with Pale Fire Capital, Millennium Management and Marshall Wace among investors that substantially increased their positions.
• B2Gold’s shares opened at $5.07, while the company’s latest quarterly results missed analyst expectations for both earnings and revenue. Despite the miss, analysts maintain an overall “Buy” rating with a consensus target price of $6.17.

Bank of America Corp DE lifted its position in B2Gold Corp (NYSEAMERICAN:BTG - Free Report) TSE: BTO by 9.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,049,614 shares of the basic materials company's stock after acquiring an additional 1,088,119 shares during the quarter. Bank of America Corp DE owned 0.90% of B2Gold worth $54,585,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Pale Fire Capital SE grew its holdings in B2Gold by 77.4% during the 1st quarter. Pale Fire Capital SE now owns 69,740,133 shares of the basic materials company's stock valued at $315,923,000 after purchasing an additional 30,428,530 shares during the last quarter. Norges Bank bought a new position in shares of B2Gold during the fourth quarter valued at approximately $75,333,000. Millennium Management LLC raised its holdings in shares of B2Gold by 248.2% in the fourth quarter. Millennium Management LLC now owns 23,342,850 shares of the basic materials company's stock worth $105,264,000 after buying an additional 16,639,601 shares during the period. Condire Management LP purchased a new stake in shares of B2Gold in the fourth quarter worth approximately $50,807,000. Finally, Marshall Wace LLP lifted its stake in shares of B2Gold by 1,124.3% during the 4th quarter. Marshall Wace LLP now owns 8,556,658 shares of the basic materials company's stock worth $38,591,000 after acquiring an additional 7,857,774 shares during the last quarter. 61.40% of the stock is owned by hedge funds and other institutional investors.

B2Gold Trading Up 0.2%

BTG opened at $5.07 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. The stock's fifty day moving average is $4.05 and its two-hundred day moving average is $4.65. The company has a market capitalization of $6.70 billion, a P/E ratio of 9.22, a PEG ratio of 0.41 and a beta of 0.66. B2Gold Corp has a 52 week low of $3.57 and a 52 week high of $6.28.

B2Gold (NYSEAMERICAN:BTG - Get Free Report) TSE: BTO last posted its quarterly earnings results on Thursday, August 6th. The basic materials company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.04). B2Gold had a return on equity of 17.56% and a net margin of 21.47%.The firm had revenue of $789.35 million for the quarter, compared to the consensus estimate of $836.33 million. During the same period in the previous year, the company posted $0.12 EPS. B2Gold's quarterly revenue was up 14.0% compared to the same quarter last year. Analysts forecast that B2Gold Corp will post 0.58 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Scotiabank upgraded B2Gold from a "sector perform" rating to a "sector outperform" rating in a report on Monday. Jefferies Financial Group reduced their target price on B2Gold from $7.00 to $6.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. ATB Cormark Capital Markets upgraded B2Gold from a "hold" rating to a "moderate buy" rating in a research report on Monday. TD Securities raised shares of B2Gold from a "hold" rating to a "strong-buy" rating in a research note on Monday. Finally, Royal Bank Of Canada lowered their target price on shares of B2Gold from $5.75 to $5.00 and set a "sector perform" rating for the company in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $6.17.

About B2Gold

B2Gold Corp. is a Canadian-based intermediate gold producer with a diversified portfolio of operating mines and advanced-stage development projects. Founded in 2007 through the merger of Bema Gold and CGA Mining, the company has grown to become one of the world's largest new gold producers. Headquartered in Vancouver, British Columbia, B2Gold focuses on efficient, low-cost operations across several continents, combining exploration, development and production within a single strategic framework.

The company's flagship assets include the Fekola mine in Mali, which commenced production in 2017, the Otjikoto mine in Namibia, and the Masbate mine in the Philippines.

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