Barrick Mining (NYSE:B) Reaches New 52-Week High – What’s Next?

Barrick Mining Corporation (NYSE:B) (TSE:ABX)’s share price reached a new 52-week high on Monday . The stock traded as high as $42.86 and last traded at $42.0770, with a volume of 644947 shares trading hands. The stock had previously closed at $41.34.

Wall Street Analyst Weigh In

B has been the subject of a number of research reports. Raymond James Financial boosted their price target on Barrick Mining from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Tuesday, November 25th. Cowen reiterated a “buy” rating on shares of Barrick Mining in a report on Wednesday. Canaccord Genuity Group increased their price target on Barrick Mining from $39.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Scotiabank upgraded Barrick Mining from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $27.50 to $43.00 in a report on Thursday, October 23rd. Finally, Bank of America raised shares of Barrick Mining from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $38.00 to $48.00 in a research note on Monday, November 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $45.67.

Barrick Mining Price Performance

The firm has a 50-day simple moving average of $34.66 and a 200-day simple moving average of $26.93. The firm has a market cap of $71.84 billion, a P/E ratio of 26.80, a PEG ratio of 0.40 and a beta of 0.28. The company has a current ratio of 3.21, a quick ratio of 2.53 and a debt-to-equity ratio of 0.14.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings results on Monday, November 10th. The gold and copper producer reported $0.58 EPS for the quarter, topping the consensus estimate of $0.57 by $0.01. The firm had revenue of $4.19 billion during the quarter, compared to analyst estimates of $4.20 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The business’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.09 EPS. As a group, analysts forecast that Barrick Mining Corporation will post 1.47 EPS for the current year.

Barrick Mining Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a $0.175 dividend. This is a boost from Barrick Mining’s previous quarterly dividend of $0.15. This represents a $0.70 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, November 28th. Barrick Mining’s dividend payout ratio is presently 33.82%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vermillion Wealth Management Inc. bought a new stake in shares of Barrick Mining in the 2nd quarter valued at about $25,000. Arlington Trust Co LLC purchased a new position in Barrick Mining in the 3rd quarter worth approximately $26,000. Crowley Wealth Management Inc. purchased a new position in Barrick Mining in the 2nd quarter worth approximately $26,000. Concord Wealth Partners bought a new stake in Barrick Mining in the second quarter valued at approximately $26,000. Finally, Ameriflex Group Inc. purchased a new stake in shares of Barrick Mining during the second quarter valued at approximately $27,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

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.