Barrick Mining (NYSE:B) Stock Price Up 2.5% - Here's What Happened

Key Points

• Barrick Mining shares rose 2.5% to about $37.94 in Monday trading, although volume was 47% below the stock’s average daily level.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $52.59, despite several recent target-price cuts.
• The company reported quarterly revenue of $5.29 billion and EPS of $0.82, exceeding estimates, while revenue increased 43.8% year over year. Barrick also pays a quarterly dividend of $0.175 per share, representing a 1.8% yield.

Shares of Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX were up 2.5% during mid-day trading on Monday. The stock traded as high as $38.41 and last traded at $37.9420. Approximately 6,292,699 shares were traded during trading, a decline of 47% from the average daily volume of 11,984,466 shares. The stock had previously closed at $37.01.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Freedom Broker lowered shares of Barrick Mining from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $54.00 to $46.00 in a report on Thursday, October 22nd. Scotiabank reduced their target price on shares of Barrick Mining from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, August 12th. Bank of America lowered their target price on Barrick Mining from $56.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Barclays boosted their price target on Barrick Mining from $39.00 to $42.00 and gave the company an "equal weight" rating in a report on Thursday, August 13th. Finally, Citigroup upped their price objective on Barrick Mining from $41.00 to $45.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. One 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $52.59.

Barrick Mining Stock Up 2.5%

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 company has a market capitalization of $61.79 billion, a P/E ratio of 9.78, a PEG ratio of 1.15 and a beta of 0.52. The firm's 50 day moving average price is $42.18 and its two-hundred day moving average price is $42.24.

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 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Barrick Mining had a net margin of 31.60% and a return on equity of 16.02%. The business 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 firm posted $0.47 earnings per share. The firm's revenue for the quarter was up 43.8% on a year-over-year basis. Equities research analysts forecast that Barrick Mining Corporation will post 3.49 EPS for the current year.

Barrick Mining Dividend Announcement

The firm 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 1.8%. Barrick Mining's payout ratio is 18.04%.

Hedge Funds Weigh In On Barrick Mining

A number of large investors have recently modified their holdings of the business. Caldwell Trust Co increased its position in shares of Barrick Mining by 18.7% during the 3rd quarter. Caldwell Trust Co now owns 37,346 shares of the gold and copper producer's stock worth $1,519,000 after purchasing an additional 5,873 shares during the last quarter. Provenance Wealth Advisors LLC boosted its holdings in shares of Barrick Mining by 243.4% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 3,176 shares of the gold and copper producer's stock valued at $129,000 after buying an additional 2,251 shares during the last quarter. Next Level Wealth Planning LLC acquired a new stake in shares of Barrick Mining in the 3rd quarter valued at approximately $57,000. Greenfield Seitz Capital Management LLC boosted its holdings in shares of Barrick Mining by 2.9% in the 3rd quarter. Greenfield Seitz Capital Management LLC now owns 286,911 shares of the gold and copper producer's stock valued at $11,669,000 after buying an additional 8,027 shares during the last quarter. Finally, McAlvany Wealth Management LLC grew its stake in shares of Barrick Mining by 10.3% in the third quarter. McAlvany Wealth Management LLC now owns 66,729 shares of the gold and copper producer's stock valued at $2,714,000 after buying an additional 6,228 shares in the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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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