Barrick Mining (NYSE:B) Shares Down 4.3% - Here's Why

Key Points

• Barrick Mining shares fell 4.3% to $36.99 in Friday trading, with volume below the stock’s average. The decline placed the shares well below their 50-day and 200-day moving averages, both near $42.30.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $52.59, although recent recommendations included downgrades and reduced targets.
• The company reported stronger-than-expected quarterly results, including $0.82 EPS and $5.29 billion in revenue, while maintaining a quarterly dividend of $0.175 per share, equivalent to a 1.9% yield.

Shares of Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX dropped 4.3% on Friday. The stock traded as low as $36.27 and last traded at $36.99. Approximately 9,431,396 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 12,006,109 shares. The stock had previously closed at $38.67.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on B. Weiss Ratings raised Barrick Mining from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Citigroup boosted their target price on Barrick Mining from $41.00 to $45.00 and gave the stock a "neutral" rating in a research note on Thursday, September 3rd. Canadian Imperial Bank of Commerce downgraded shares of Barrick Mining from a "sector outperform" rating to a "neutral" rating and decreased their price objective for the stock from $57.00 to $49.00 in a report on Friday, October 16th. TD set a $59.00 price target on Barrick Mining and gave the stock a "buy" rating in a research note on Wednesday, September 16th. Finally, Sanford C. Bernstein lowered their price target on shares of Barrick Mining from $61.00 to $56.50 and set an "outperform" rating on the stock in a research report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Barrick Mining has a consensus rating of "Moderate Buy" and a consensus target price of $52.59.

Barrick Mining Trading Down 4.3%

The firm has a 50 day simple moving average of $42.37 and a 200 day simple moving average of $42.30. The firm has a market cap of $60.47 billion, a P/E ratio of 9.53, a P/E/G ratio of 1.24 and a beta of 0.48. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.36 and a current ratio of 3.01.

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

Barrick Mining Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Ascentis Independent Advisors bought a new stake in Barrick Mining in the first quarter worth $28,000. Key Financial Inc raised its stake in Barrick Mining by 137.5% during the 1st quarter. Key Financial Inc now owns 753 shares of the gold and copper producer's stock valued at $31,000 after buying an additional 436 shares during the last quarter. Continuum Advisory LLC bought a new position in Barrick Mining in the second quarter valued at about $32,000. Root Financial Partners LLC purchased a new position in shares of Barrick Mining in the third quarter worth approximately $38,000. Finally, Allied Private Wealth LLC purchased a new stake in shares of Barrick Mining in the 2nd quarter worth $35,000. 90.82% of the stock is currently owned by institutional investors.

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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