Barrick Mining (NYSE:B) Shares Climb 8.4% – Should You Buy?

Barrick Mining Corporation (NYSE:B) (TSE:ABX)’s share price was up 8.4% during trading on Wednesday. The stock traded as high as $40.26 and last traded at $40.16. 10,621,211 shares changed hands during trading, a decline of 11% from the average daily volume of 11,954,670 shares. The stock had previously closed at $37.05.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on B shares. Royal Bank Of Canada upped their target price on shares of Barrick Mining from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. Canadian Imperial Bank of Commerce downgraded shares of Barrick Mining from a “sector outperform” rating to a “neutral” rating and dropped their price target for the stock from $57.00 to $49.00 in a research note on Friday, October 16th. Sanford C. Bernstein cut their price objective on shares of Barrick Mining from $61.00 to $56.50 and set an “outperform” rating on the stock in a report on Wednesday, September 9th. Scotiabank lowered their target price on Barrick Mining from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th. Finally, Wall Street Zen downgraded Barrick Mining from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.59.

Barrick Mining Stock Up 8.4%

The company has a debt-to-equity ratio of 0.13, a current ratio of 3.01 and a quick ratio of 2.36. The stock has a market capitalization of $65.41 billion, a price-to-earnings ratio of 10.35, a PEG ratio of 1.18 and a beta of 0.52. The firm’s fifty day moving average is $41.77 and its 200-day moving average is $42.12.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its quarterly earnings results on Monday, August 10th. The gold and copper producer reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.10 billion. Barrick Mining had a return on equity of 16.02% and a net margin of 31.60%. The company’s revenue for the quarter was up 43.8% compared to the same quarter last year. During the same period last year, the firm earned $0.47 earnings per share. On average, sell-side analysts predict that Barrick Mining Corporation will post 3.49 earnings per share for the current year.

Barrick Mining Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were issued a $0.1750 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, August 31st. Barrick Mining’s payout ratio is 18.04%.

Hedge Funds Weigh In On Barrick Mining

Several large investors have recently added to or reduced their stakes in B. AlphaCore Capital LLC raised its holdings in shares of Barrick Mining by 20.8% during the third quarter. AlphaCore Capital LLC now owns 36,828 shares of the gold and copper producer’s stock worth $1,499,000 after purchasing an additional 6,341 shares during the period. Fulcrum Asset Management LLP bought a new position in shares of Barrick Mining in the 3rd quarter worth about $1,479,000. M Holdings Securities Inc. lifted its holdings in Barrick Mining by 7.8% in the third quarter. M Holdings Securities Inc. now owns 16,469 shares of the gold and copper producer’s stock worth $635,000 after acquiring an additional 1,195 shares during the last quarter. Ethic Inc. acquired a new position in Barrick Mining during the 3rd quarter valued at approximately $234,000. Finally, 180 Wealth Advisors LLC boosted its holdings in shares of Barrick Mining by 20.9% during the third quarter. 180 Wealth Advisors LLC now owns 18,639 shares of the gold and copper producer’s stock valued at $758,000 after acquiring an additional 3,223 shares during the period. 90.82% of the stock is currently owned by institutional investors.

About Barrick Mining

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the exploration, development and production of gold and copper. Its activities include operating mines, advancing development projects and managing mineral reserves across multiple jurisdictions.

The company’s gold operations include Nevada Gold Mines in the United States, a joint venture in which Barrick is the operator, as well as mines and projects in Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo.