Xcel Wealth Management LLC Invests $688,000 in Barrick Mining Corporation $B

Key Points

• Xcel Wealth Management LLC invested approximately $688,000 in Barrick Mining Corporation by acquiring 33,050 shares during the second quarter.
• Barrick Mining recently reported earnings of $0.47 per share for the quarter, aligning with analysts' expectations, while revenue reached $3.72 billion, exceeding forecasts.
• The company also announced a quarterly dividend of $0.15, resulting in an annualized dividend yield of 1.8% and a payout ratio of 37.74%.

Xcel Wealth Management LLC acquired a new position in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 33,050 shares of the gold and copper producer's stock, valued at approximately $688,000.

Several other large investors have also recently bought and sold shares of B. SJS Investment Consulting Inc. acquired a new position in shares of Barrick Mining in the second quarter valued at approximately $29,000. Nexus Investment Management ULC bought a new stake in Barrick Mining during the 1st quarter worth approximately $32,000. Cary Street Partners Investment Advisory LLC acquired a new position in shares of Barrick Mining during the first quarter worth $32,000. Ameriflex Group Inc. acquired a new position in shares of Barrick Mining during the fourth quarter worth $39,000. Finally, AdvisorNet Financial Inc bought a new stake in shares of Barrick Mining in the second quarter worth $39,000. 90.82% of the stock is currently owned by institutional investors.

Barrick Mining Trading Down 2.7%

B opened at $33.61 on Thursday. Barrick Mining Corporation has a 1-year low of $15.11 and a 1-year high of $36.10. 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 company has a market cap of $57.23 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 0.61 and a beta of 0.28. The company has a fifty day moving average price of $25.64 and a two-hundred day moving average price of $21.71.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.47. The company had revenue of $3.72 billion for the quarter, compared to analysts' expectations 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 was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 EPS. Analysts predict that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 29th. Barrick Mining's dividend payout ratio (DPR) is 37.74%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Scotiabank increased their price target on Barrick Mining from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 13th. UBS Group increased their target price on shares of Barrick Mining from $26.00 to $35.00 and gave the company a "buy" rating in a research report on Friday, September 19th. National Bank Financial upgraded shares of Barrick Mining from a "sector perform" rating to an "outperform" rating in a research report on Monday. TD Securities upped their price objective on shares of Barrick Mining from $30.00 to $38.00 and gave the company a "buy" rating in a research note on Monday. Finally, Bank of America increased their price objective on shares of Barrick Mining from $29.00 to $34.00 and gave the stock a "neutral" rating in a research report on Friday, September 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Barrick Mining has an average rating of "Moderate Buy" and an average target price of $33.33.

Barrick Mining 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.

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