Barrick Mining (NYSE:B – Free Report) (TSE:ABX) had its price target cut by JPMorgan Chase & Co. from $58.00 to $50.00 in a report published on Tuesday,Benzinga reports. They currently have an overweight rating on the gold and copper producer’s stock.
B has been the subject of several other reports. UBS Group lowered their price objective on Barrick Mining from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Citigroup reissued a “positive” rating on shares of Barrick Mining in a research report on Wednesday, July 15th. Scotiabank decreased their target price on Barrick Mining from $63.00 to $57.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 14th. Royal Bank Of Canada lowered their price target on Barrick Mining from $51.00 to $49.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Finally, ATB Cormark Capital Markets lowered shares of Barrick Mining from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.46.
View Our Latest Report on Barrick Mining
Barrick Mining Price Performance
Barrick Mining (NYSE:B – Get Free Report) (TSE:ABX) last posted its earnings results on Monday, May 11th. The gold and copper producer reported $0.98 EPS for the quarter, beating the consensus estimate of $0.80 by $0.18. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.The firm had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.75 billion. The company’s revenue for the quarter was up 66.7% compared to the same quarter last year. Equities analysts expect that Barrick Mining will post 3.61 EPS for the current fiscal year.
Barrick Mining Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a dividend of $0.175 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.70 annualized dividend and a dividend yield of 1.9%. Barrick Mining’s dividend payout ratio (DPR) is presently 19.34%.
Institutional Trading of Barrick Mining
Several institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp grew its stake in Barrick Mining by 22.8% during the 4th quarter. Van ECK Associates Corp now owns 55,423,240 shares of the gold and copper producer’s stock worth $2,413,699,000 after buying an additional 10,287,544 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of Barrick Mining by 10.9% in the first quarter. Royal Bank of Canada now owns 39,598,520 shares of the gold and copper producer’s stock valued at $1,615,225,000 after acquiring an additional 3,881,841 shares during the period. FIL Ltd grew its position in shares of Barrick Mining by 85.3% during the fourth quarter. FIL Ltd now owns 30,099,422 shares of the gold and copper producer’s stock worth $1,311,169,000 after acquiring an additional 13,853,587 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Barrick Mining by 61.9% during the fourth quarter. Mackenzie Financial Corp now owns 20,591,745 shares of the gold and copper producer’s stock worth $909,104,000 after acquiring an additional 7,870,411 shares during the last quarter. Finally, TD Asset Management Inc increased its holdings in shares of Barrick Mining by 5.6% in the 4th quarter. TD Asset Management Inc now owns 20,395,667 shares of the gold and copper producer’s stock valued at $889,627,000 after acquiring an additional 1,086,332 shares during the period. 90.82% of the stock is owned by hedge funds and other institutional investors.
Barrick Mining News Roundup
Here are the key news stories impacting Barrick Mining this week:
- Positive Sentiment: Gold’s move above $4,000 an ounce and renewed central-bank buying are supporting the broader gold-mining trade, which could lift sentiment toward Barrick Mining and other producers. Gold price above USD 4,000 and central bank rally: Barrick Mining, Lahontan Gold, Newmont—time to buy now?
- Positive Sentiment: Barrick is being highlighted by market commentators as a potential beneficiary of the strong gold backdrop, reinforcing the view that the company’s core business is well positioned if bullion stays high. Man Who Called 2008 Crash Says Now Is the Time to “Invest in Early-Stage Gold Stocks”
- Positive Sentiment: Barrick’s purchase of roughly a 9.9% stake in Kingfisher Metals gives it additional exposure to the HWY 37 project and adds exploration upside through technical collaboration, which investors may view as a growth-oriented move. Barrick Mining Buys 10% Stake in Kingfisher Metals for C$20.9 Million
- Positive Sentiment: Barrick also announced the start of an exploration program with Midland on the Lewis project, signaling continued investment in future resource growth. Midland, in Partnership with Barrick, Commences an Exploration Program for Gold on the Lewis Project
- Neutral Sentiment: News that Barrick supports local content rules is more likely to be viewed as a policy and operating update than a direct earnings catalyst. Barrick supports local content rules
- Neutral Sentiment: JPMorgan lowered its price target on Barrick to $50, which adds a note of caution but does not change the broader positive gold-sector backdrop. JPMorgan Chase & Co. Lowers Barrick Mining (NYSE:B) Price Target to $50.00
Barrick Mining Company Profile
Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.
The company’s activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.
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