Barrick Mining (NYSE:B) Stock Jumps 8.4% - Here's Why

Key Points

• Barrick Mining shares rose 8.4% to $40.16 on Wednesday, despite trading volume coming in 11% below its average.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $52.59; ratings include 15 Buys, six Holds and one Strong Buy.
• In its latest reported quarter, Barrick beat earnings and revenue estimates, with EPS of $0.82 and revenue of $5.29 billion; revenue grew 43.8% year over year.

Shares of Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX traded up 8.4% during trading on Wednesday. The company traded as high as $40.26 and last traded at $40.16. 10,621,211 shares were traded during trading, a decline of 11% from the average daily volume of 11,954,670 shares. The stock had previously closed at $37.05.

Analyst Ratings Changes

A number of equities analysts recently issued reports on B shares. Sanford C. Bernstein lowered their price target on Barrick Mining from $61.00 to $56.50 and set an "outperform" rating for the company in a report on Wednesday, September 9th. Bank of America reduced their price objective on shares of Barrick Mining from $56.00 to $54.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. Citigroup boosted their price target on shares of Barrick Mining from $41.00 to $45.00 and gave the company a "neutral" rating in a research report on Thursday, September 3rd. TD set a $59.00 price objective on shares of Barrick Mining and gave the company a "buy" rating in a research note on Wednesday, September 16th. Finally, RBC Dominion Securities set a $53.00 price objective on Barrick Mining and gave the stock an "outperform" rating in a report on Thursday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Barrick Mining currently has an average rating of "Moderate Buy" and an average price target of $52.59.

Barrick Mining Price Performance

The company has a 50-day moving average of $41.77 and a 200-day moving average of $42.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.36 and a current ratio of 3.01. The stock has a market cap of $65.41 billion, a price-to-earnings ratio of 10.35, a PEG ratio of 1.18 and a beta of 0.52.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its quarterly earnings data on Monday, August 10th. The gold and copper producer reported $0.82 earnings per share for the quarter, beating 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 company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the previous year, the company earned $0.47 EPS. The firm's revenue for the quarter was up 43.8% compared to the same quarter last year. As a group, equities research analysts predict that Barrick Mining Corporation will post 3.49 earnings per share for the current year.

Barrick Mining Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a dividend of $0.1750 per share. The ex-dividend date of this dividend was Monday, August 31st. This represents a $0.70 annualized dividend and a yield of 1.7%. Barrick Mining's dividend payout ratio (DPR) is presently 18.04%.

Institutional Trading of Barrick Mining

A number of large investors have recently made changes to their positions in the stock. AlphaCore Capital LLC lifted its holdings in shares of Barrick Mining by 20.8% during the 3rd quarter. AlphaCore Capital LLC now owns 36,828 shares of the gold and copper producer's stock valued at $1,499,000 after acquiring an additional 6,341 shares in the last quarter. Fulcrum Asset Management LLP acquired a new stake in Barrick Mining in the 3rd quarter valued at $1,479,000. M Holdings Securities Inc. increased its holdings in Barrick Mining by 7.8% in the 3rd quarter. M Holdings Securities Inc. now owns 16,469 shares of the gold and copper producer's stock valued at $635,000 after purchasing an additional 1,195 shares in the last quarter. Ethic Inc. purchased a new position in Barrick Mining in the third quarter valued at about $234,000. Finally, 180 Wealth Advisors LLC raised its position in Barrick Mining by 20.9% in the third quarter. 180 Wealth Advisors LLC now owns 18,639 shares of the gold and copper producer's stock valued at $758,000 after purchasing an additional 3,223 shares during the period. Institutional investors and hedge funds 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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