Barrick Mining (NYSE:B) Hits New 52-Week High – Time to Buy?

Shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) reached a new 52-week high during trading on Thursday . The stock traded as high as $43.28 and last traded at $43.5150, with a volume of 6638862 shares changing hands. The stock had previously closed at $41.76.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on B shares. BNP Paribas Exane raised shares of Barrick Mining from a “neutral” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Friday, December 5th. Citigroup upgraded Barrick Mining from a “hold” rating to a “buy” rating in a research note on Monday, November 24th. CIBC raised their price objective on Barrick Mining from $38.00 to $50.00 and gave the company an “outperformer” rating in a report on Friday, October 10th. National Bankshares raised Barrick Mining to an “outperform” rating in a research note on Monday, September 22nd. Finally, Royal Bank Of Canada boosted their price target on shares of Barrick Mining from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Barrick Mining currently has an average rating of “Moderate Buy” and an average target price of $47.17.

Barrick Mining Stock Performance

The company has a market cap of $72.67 billion, a price-to-earnings ratio of 20.85, a PEG ratio of 0.42 and a beta of 0.40. The firm’s 50 day simple moving average is $35.79 and its 200-day simple moving average is $28.14. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.33 and a current ratio of 2.94.

Barrick Mining (NYSE:B) (TSE:ABX) last announced its quarterly earnings data on Monday, November 10th. The gold and copper producer reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.01. The company had revenue of $4.19 billion during the quarter, compared to analysts’ expectations of $4.20 billion. Barrick Mining had a net margin of 24.53% and a return on equity of 9.48%. Barrick Mining’s revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.09 EPS. On average, sell-side analysts predict that Barrick Mining Corporation will post 1.47 EPS for the current year.

Barrick Mining Increases Dividend

The business 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 represents a $0.70 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, November 28th. This is an increase from Barrick Mining’s previous quarterly dividend of $0.15. Barrick Mining’s dividend payout ratio (DPR) is currently 33.82%.

Institutional Investors Weigh In On Barrick Mining

A number of hedge funds have recently modified their holdings of B. PNC Financial Services Group Inc. increased its holdings in shares of Barrick Mining by 32.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 25,426 shares of the gold and copper producer’s stock worth $494,000 after buying an additional 6,228 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Barrick Mining by 1.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,144,340 shares of the gold and copper producer’s stock worth $99,867,000 after acquiring an additional 70,623 shares during the last quarter. Fiduciary Financial Group LLC acquired a new position in shares of Barrick Mining in the 2nd quarter valued at $352,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Barrick Mining during the 2nd quarter worth $464,000. Finally, Fractal Investments LLC acquired a new stake in shares of Barrick Mining during the 2nd quarter worth about $341,000. Hedge funds and other institutional investors 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.