Barrick Mining (NYSE:B) Stock Price Up 1.7% – Here’s Why

Barrick Mining Corporation (NYSE:B) (TSE:ABX) was up 1.7% during trading on Monday . The stock traded as high as $43.48 and last traded at $43.05. Approximately 12,602,948 shares traded hands during trading, a decline of 20% from the average daily volume of 15,778,875 shares. The stock had previously closed at $42.34.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on B shares. Raymond James Financial increased their target price on shares of Barrick Mining from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Tuesday, November 25th. JPMorgan Chase & Co. initiated coverage on shares of Barrick Mining in a research note on Thursday, January 29th. They set an “overweight” rating and a $68.00 price target for the company. BNP Paribas Exane upgraded shares of Barrick Mining to a “neutral” rating and set a $50.00 price target on the stock in a report on Friday, December 5th. Scotiabank increased their price objective on shares of Barrick Mining from $43.00 to $63.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Finally, Citigroup raised their price objective on shares of Barrick Mining from $38.00 to $48.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.25.

Barrick Mining Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.33 and a current ratio of 2.92. The firm has a market cap of $67.74 billion, a P/E ratio of 13.80, a price-to-earnings-growth ratio of 1.35 and a beta of 0.41. The firm’s fifty day moving average price is $47.81 and its 200 day moving average price is $40.36.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings data on Thursday, February 5th. The gold and copper producer reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.19. The firm had revenue of $5.98 billion for the quarter, compared to the consensus estimate of $5.15 billion. Barrick Mining had a net margin of 29.45% and a return on equity of 12.10%. The firm’s quarterly revenue was up 44.6% on a year-over-year basis. Sell-side analysts expect that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Barrick Mining Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 27th were given a dividend of $0.42 per share. This is a boost from Barrick Mining’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, February 27th. This represents a $1.68 annualized dividend and a yield of 4.2%. Barrick Mining’s payout ratio is 57.34%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in B. Vanguard Group Inc. bought a new position in shares of Barrick Mining during the 2nd quarter worth approximately $1,459,633,000. Measured Wealth Private Client Group LLC purchased a new stake in Barrick Mining during the second quarter valued at approximately $696,000. Philadelphia Trust Co. acquired a new stake in Barrick Mining in the second quarter valued at approximately $1,412,000. CIBC Asset Management Inc grew its holdings in Barrick Mining by 316.0% in the third quarter. CIBC Asset Management Inc now owns 18,287,558 shares of the gold and copper producer’s stock worth $601,115,000 after purchasing an additional 13,891,886 shares during the last quarter. Finally, Cadence Wealth Management LLC purchased a new position in Barrick Mining in the second quarter worth $1,112,000. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

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.