Barrick Mining (NYSE:B) Price Target Cut to $50.00 by Analysts at JPMorgan Chase & Co.

Barrick Mining (NYSE:B) (TSE:ABX) had its price target reduced by equities researchers at JPMorgan Chase & Co. from $58.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the gold and copper producer’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 38.22% from the company’s previous close.

A number of other research firms have also issued reports on B. Weiss Ratings lowered Barrick Mining from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. ATB Cormark Capital Markets lowered Barrick Mining from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Scotiabank decreased their price objective 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. Citigroup reissued a “positive” rating on shares of Barrick Mining in a research report on Wednesday, July 15th. Finally, Canadian Imperial Bank of Commerce decreased their price target on shares of Barrick Mining to $63.00 and set an “outperformer” rating for the company in a research note on Tuesday, April 21st. 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.46.

Barrick Mining Trading Up 3.7%

Barrick Mining stock traded up $1.28 during midday trading on Tuesday, reaching $36.17. 3,855,730 shares of the stock traded hands, compared to its average volume of 13,554,946. The firm has a market cap of $60.17 billion, a PE ratio of 10.00, a price-to-earnings-growth ratio of 0.76 and a beta of 0.48. The company has a current ratio of 3.06, a quick ratio of 2.44 and a debt-to-equity ratio of 0.13. The company has a 50-day simple moving average of $39.38 and a two-hundred day simple moving average of $42.94. Barrick Mining has a 12-month low of $20.94 and a 12-month high of $54.69.

Barrick Mining (NYSE:B) (TSE:ABX) last issued its quarterly earnings results on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.18. The company had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.75 billion. Barrick Mining had a net margin of 32.14% and a return on equity of 14.81%. Barrick Mining’s revenue for the quarter was up 66.7% compared to the same quarter last year. Research analysts expect that Barrick Mining will post 3.61 earnings per share for the current fiscal year.

Institutional Trading of Barrick Mining

Hedge funds have recently modified their holdings of the business. Financial Consulate Inc. increased its holdings in Barrick Mining by 1,042.0% in the fourth quarter. Financial Consulate Inc. now owns 571 shares of the gold and copper producer’s stock valued at $25,000 after buying an additional 521 shares in the last quarter. Westside Investment Management Inc. purchased a new stake in Barrick Mining during the fourth quarter worth $25,000. Intesa Sanpaolo Wealth Management acquired a new stake in Barrick Mining in the fourth quarter valued at $26,000. Ascentis Independent Advisors acquired a new stake in Barrick Mining in the first quarter valued at $28,000. Finally, JPL Wealth Management LLC purchased a new position in shares of Barrick Mining in the third quarter valued at $28,000. 90.82% of the stock is owned by institutional investors and hedge funds.

About Barrick Mining

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.