Barrick Mining (NYSE:B) Shares Down 2.4% - Here's What Happened

Key Points

• Barrick Mining shares fell 2.4% to about $37.05 in Tuesday midday trading, on volume 52% below its average.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $52.59; recent targets range from $45 to $59.
• In its latest reported quarter, Barrick beat earnings and revenue estimates, with revenue up 43.8% year over year. It also paid a quarterly dividend of $0.175 per share, equivalent to a 1.9% annualized yield.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX was down 2.4% during mid-day trading on Tuesday. The company traded as low as $36.94 and last traded at $37.0450. 5,752,783 shares changed hands during trading, a decline of 52% from the average daily volume of 11,951,524 shares. The stock had previously closed at $37.97.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on B. Weiss Ratings raised shares of Barrick Mining from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Citigroup upped their target price on Barrick Mining from $41.00 to $45.00 and gave the stock a "neutral" rating in a report on Thursday, September 3rd. Royal Bank Of Canada increased their target price on Barrick Mining from $49.00 to $53.00 and gave the company an "outperform" rating in a research report on Wednesday, September 16th. JPMorgan Chase & Co. lifted their price target on Barrick Mining from $52.00 to $55.00 and gave the company an "overweight" rating in a report on Wednesday, October 21st. Finally, TD set a $59.00 price target on Barrick Mining and gave the stock a "buy" rating in a research report on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $52.59.

Barrick Mining Stock Performance

The business's 50-day moving average price is $41.99 and its 200-day moving average price is $42.18. The company has a current ratio of 3.01, a quick ratio of 2.36 and a debt-to-equity ratio of 0.13. The stock has a market cap of $60.33 billion, a PE ratio of 9.55, a P/E/G ratio of 1.24 and a beta of 0.52.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last posted its quarterly earnings data on Monday, August 10th. The gold and copper producer reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Barrick Mining had a return on equity of 16.02% and a net margin of 31.60%. The firm had revenue of $5.29 billion during the quarter, compared to analysts' expectations of $5.10 billion. During the same quarter last year, the firm earned $0.47 EPS. The business's quarterly revenue was up 43.8% on a year-over-year basis. As a group, equities research analysts expect that Barrick Mining Corporation will post 3.49 earnings per share for the current fiscal year.

Barrick Mining Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were paid a $0.1750 dividend. The ex-dividend date was Monday, August 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.9%. Barrick Mining's dividend payout ratio (DPR) is 18.04%.

Institutional Investors Weigh In On Barrick Mining

A number of large investors have recently modified their holdings of the business. Ascentis Independent Advisors acquired a new stake in Barrick Mining in the 1st quarter worth approximately $28,000. Continuum Advisory LLC purchased a new stake in Barrick Mining during the 2nd quarter worth approximately $32,000. Allied Private Wealth LLC acquired a new position in Barrick Mining during the 2nd quarter valued at approximately $35,000. Root Financial Partners LLC acquired a new position in Barrick Mining during the 3rd quarter valued at approximately $38,000. Finally, Main Street Group LTD acquired a new position in Barrick Mining during the 1st quarter valued at approximately $46,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

Barrick Mining Company Profile

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the exploration, development and production of gold and copper. Its activities include operating mines, advancing development projects and managing mineral reserves across multiple jurisdictions.

The company’s gold operations include Nevada Gold Mines in the United States, a joint venture in which Barrick is the operator, as well as mines and projects in Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo.

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