Barrick Mining (NYSE:B) Trading 1.3% Higher – Here’s Why

Barrick Mining Corporation (NYSE:B) (TSE:ABX) rose 1.3% during mid-day trading on Wednesday . The stock traded as high as $44.04 and last traded at $43.4750. Approximately 10,291,242 shares traded hands during trading, a decline of 48% from the average daily volume of 19,768,098 shares. The stock had previously closed at $42.93.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on B shares. TD Securities raised their price objective on Barrick Mining from $38.00 to $46.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. CIBC boosted their target price on shares of Barrick Mining from $38.00 to $50.00 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Weiss Ratings restated a “buy (b)” rating on shares of Barrick Mining in a report on Monday. UBS Group lifted their price objective on shares of Barrick Mining from $39.00 to $47.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Finally, Wall Street Zen lowered shares of Barrick Mining from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Barrick Mining currently has an average rating of “Buy” and a consensus price target of $47.17.

Barrick Mining Stock Up 1.3%

The company has a current ratio of 2.94, a quick ratio of 2.33 and a debt-to-equity ratio of 0.14. The business’s 50-day simple moving average is $36.54 and its 200-day simple moving average is $28.88. The company has a market capitalization of $73.20 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 0.45 and a beta of 0.40.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings data on Monday, November 10th. The gold and copper producer reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. Barrick Mining had a return on equity of 9.48% and a net margin of 24.53%.The business had revenue of $4.19 billion during the quarter, compared to analyst estimates of $4.20 billion. During the same quarter last year, the business posted $0.09 EPS. The company’s revenue was up 23.2% on a year-over-year basis. As a group, equities research analysts anticipate that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Barrick Mining Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were issued a $0.175 dividend. The ex-dividend date of this dividend was Friday, November 28th. This is an increase from Barrick Mining’s previous quarterly dividend of $0.15. This represents a $0.70 annualized dividend and a yield of 1.6%. Barrick Mining’s dividend payout ratio is 33.82%.

Institutional Trading of Barrick Mining

Several institutional investors have recently modified their holdings of B. Hudson Bay Capital Management LP purchased a new stake in shares of Barrick Mining during the third quarter worth approximately $783,000. Swiss Life Asset Management Ltd lifted its holdings in Barrick Mining by 14.2% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 117,682 shares of the gold and copper producer’s stock valued at $3,871,000 after purchasing an additional 14,639 shares in the last quarter. Polar Asset Management Partners Inc. purchased a new position in Barrick Mining in the 3rd quarter valued at $8,324,000. Strategic Advocates LLC acquired a new stake in Barrick Mining during the 3rd quarter worth $66,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of Barrick Mining during the third quarter worth $1,889,000. Institutional investors and hedge funds own 90.82% of the company’s stock.

About Barrick Mining

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.