Barrick Mining (NYSE:B) Price Target Raised to $36.00

Barrick Mining (NYSE:B) (TSE:ABX) had its price target raised by investment analysts at Raymond James Financial from $32.00 to $36.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the gold and copper producer’s stock. Raymond James Financial’s price objective would indicate a potential upside of 1.73% from the stock’s current price.

A number of other brokerages have also recently issued reports on B. UBS Group upped their target price on Barrick Mining from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday. Zacks Research downgraded shares of Barrick Mining from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 21st. National Bank Financial raised Barrick Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday. Scotiabank raised their price target on Barrick Mining from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 13th. Finally, Bank of America upped their price target on Barrick Mining from $29.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.33.

Barrick Mining Stock Up 7.3%

NYSE:B traded up $2.40 during mid-day trading on Monday, reaching $35.39. The stock had a trading volume of 29,791,986 shares, compared to its average volume of 19,783,080. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.53. The stock has a market cap of $60.26 billion, a P/E ratio of 22.27, a PEG ratio of 0.58 and a beta of 0.27. Barrick Mining has a fifty-two week low of $15.11 and a fifty-two week high of $35.70. The business’s 50 day moving average is $24.84 and its 200 day moving average is $21.42.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The business had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.60 billion. During the same quarter in the previous year, the business earned $0.32 EPS. Barrick Mining’s quarterly revenue was up 16.4% compared to the same quarter last year. As a group, sell-side analysts predict that Barrick Mining will post 1.47 earnings per share for the current year.

Institutional Investors Weigh In On Barrick Mining

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. acquired a new position in Barrick Mining in the second quarter worth $1,459,633,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Barrick Mining during the second quarter valued at approximately $1,091,122,000. First Eagle Investment Management LLC acquired a new position in Barrick Mining during the 2nd quarter worth $822,056,000. TD Asset Management Inc acquired a new position in Barrick Mining during the 2nd quarter worth $386,328,000. Finally, Ninety One UK Ltd acquired a new position in Barrick Mining during the 2nd quarter worth $326,862,000. 90.82% of the stock is currently owned by institutional investors.

Barrick Mining Company Profile

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.