Phoenix Financial Ltd. Buys Shares of 54,300 Barrick Mining Corporation $B

Key Points

• Phoenix Financial Ltd. acquired 54,300 shares of Barrick Mining Corporation valued at approximately $1,129,000 in the second quarter, indicating increased institutional investment in the gold and copper producer.
• Analysts have recently upgraded Barrick Mining's rating, with National Bank Financial moving it from "sector perform" to "outperform" and CIBC increasing its price target from $38.00 to $50.00.
• Barrick Mining reported earnings of $0.47 per share, meeting consensus estimates with a 16.4% increase in revenue year-over-year, highlighting a strong financial performance amid recent market fluctuations.

Phoenix Financial Ltd. bought a new stake in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 54,300 shares of the gold and copper producer's stock, valued at approximately $1,129,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Penserra Capital Management LLC lifted its stake in Barrick Mining by 1,919.0% in the first quarter. Penserra Capital Management LLC now owns 2,968 shares of the gold and copper producer's stock valued at $56,000 after acquiring an additional 2,821 shares during the last quarter. Hedges Asset Management LLC acquired a new stake in Barrick Mining in the second quarter valued at approximately $1,249,000. Chemistry Wealth Management LLC acquired a new stake in shares of Barrick Mining in the second quarter worth $246,000. Sequoia Financial Advisors LLC lifted its stake in shares of Barrick Mining by 24.4% in the first quarter. Sequoia Financial Advisors LLC now owns 20,795 shares of the gold and copper producer's stock worth $404,000 after buying an additional 4,082 shares during the last quarter. Finally, Concurrent Investment Advisors LLC acquired a new stake in shares of Barrick Mining in the second quarter worth $337,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on B. National Bank Financial upgraded shares of Barrick Mining from a "sector perform" rating to an "outperform" rating in a research note on Monday, September 22nd. Scotiabank boosted their price objective on shares of Barrick Mining from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 13th. CIBC boosted their price objective on shares of Barrick Mining from $38.00 to $50.00 and gave the stock an "outperformer" rating in a research note on Friday, October 10th. BMO Capital Markets restated a "market perform" rating on shares of Barrick Mining in a research note on Monday, September 22nd. Finally, Zacks Research cut shares of Barrick Mining from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two research 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, Barrick Mining presently has an average rating of "Moderate Buy" and an average price target of $41.00.

Barrick Mining Price Performance

NYSE:B opened at $31.50 on Wednesday. The stock has a market cap of $53.64 billion, a P/E ratio of 19.81, a PEG ratio of 0.44 and a beta of 0.30. Barrick Mining Corporation has a one year low of $15.11 and a one year high of $36.40. The company has a fifty day moving average price of $30.11 and a 200 day moving average price of $23.66. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.53.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its quarterly earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The firm 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 business's revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 EPS. Analysts anticipate that Barrick Mining Corporation will post 1.47 earnings per share for the current year.

Barrick Mining Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, August 29th. Barrick Mining's payout ratio is 37.74%.

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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