Bank of America Issues Positive Forecast for Barrick Mining (NYSE:B) Stock Price

Barrick Mining (NYSE:B) (TSE:ABX) had its target price upped by Bank of America from $36.00 to $38.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the gold and copper producer’s stock.

Several other equities analysts have also recently issued reports on B. Weiss Ratings restated a “buy (b-)” rating on shares of Barrick Mining in a research note on Tuesday. BMO Capital Markets reiterated a “market perform” rating on shares of Barrick Mining in a research report on Monday, September 22nd. CIBC upped their price objective on Barrick Mining from $38.00 to $50.00 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Zacks Research cut Barrick Mining from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 21st. Finally, Wall Street Zen upgraded Barrick Mining from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 11th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Barrick Mining Stock Up 2.7%

B stock opened at $35.61 on Thursday. Barrick Mining has a 1-year low of $15.11 and a 1-year high of $36.40. The business has a fifty day moving average price of $29.51 and a 200-day moving average price of $23.34. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.53. The stock has a market capitalization of $60.64 billion, a P/E ratio of 22.40, a P/E/G ratio of 0.57 and a beta of 0.30.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The business 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 for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 EPS. Equities analysts forecast that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.60 annualized dividend and a dividend yield of 1.7%. Barrick Mining’s dividend payout ratio (DPR) is 37.74%.

Institutional Investors Weigh In On Barrick Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in B. GAMMA Investing LLC increased its holdings in Barrick Mining by 1,844.0% in the 1st quarter. GAMMA Investing LLC now owns 6,007 shares of the gold and copper producer’s stock worth $117,000 after acquiring an additional 5,698 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Barrick Mining by 21.8% in the 1st quarter. Farther Finance Advisors LLC now owns 3,146 shares of the gold and copper producer’s stock worth $62,000 after acquiring an additional 563 shares in the last quarter. Fifth Third Bancorp increased its holdings in Barrick Mining by 28.9% in the 1st quarter. Fifth Third Bancorp now owns 5,644 shares of the gold and copper producer’s stock worth $110,000 after acquiring an additional 1,266 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Barrick Mining by 1.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 74,792 shares of the gold and copper producer’s stock worth $1,454,000 after acquiring an additional 1,156 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Barrick Mining by 25.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 291,281 shares of the gold and copper producer’s stock worth $5,663,000 after acquiring an additional 59,906 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Barrick Mining Company 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.