Barrick Mining (NYSE:B) Raised to Strong-Buy at Wall Street Zen

Barrick Mining (NYSE:B) (TSE:ABX) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Saturday.

Several other equities research analysts have also commented on B. Stifel Canada upgraded shares of Barrick Mining to a “strong-buy” rating in a research report on Wednesday, March 19th. National Bankshares reiterated an “outperform” rating on shares of Barrick Mining in a research note on Wednesday, April 2nd. National Bank Financial raised shares of Barrick Mining to a “hold” rating in a research note on Friday, March 21st. BMO Capital Markets started coverage on Barrick Mining in a research note on Wednesday, April 16th. They issued a “market perform” rating on the stock. Finally, Citigroup decreased their price target on shares of Barrick Mining from $21.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday, March 31st. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.05.

Barrick Mining Stock Up 1.1%

Shares of Barrick Mining stock opened at $21.45 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.16 and a current ratio of 2.87. The company has a market cap of $36.76 billion, a P/E ratio of 16.12, a PEG ratio of 0.34 and a beta of 0.28. Barrick Mining has a one year low of $17.41 and a one year high of $47.50. The firm has a fifty day moving average of $19.74 and a two-hundred day moving average of $18.38.

Barrick Mining (NYSE:B) (TSE:ABX) last released its earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.15 billion. Barrick Mining had a return on equity of 7.51% and a net margin of 17.46%. Barrick Mining’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 earnings per share. On average, analysts forecast that Barrick Mining will post 1.47 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital International Investors increased its position in Barrick Mining by 136.1% in the 4th quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer’s stock valued at $516,055,000 after acquiring an additional 19,189,830 shares during the period. Causeway Capital Management LLC acquired a new stake in Barrick Mining in the 4th quarter valued at about $172,225,000. Wellington Management Group LLP boosted its holdings in Barrick Mining by 17.5% during the fourth quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer’s stock worth $996,802,000 after buying an additional 9,598,292 shares in the last quarter. FIL Ltd boosted its stake in shares of Barrick Mining by 236.7% during the 4th quarter. FIL Ltd now owns 6,815,946 shares of the gold and copper producer’s stock worth $105,692,000 after acquiring an additional 4,791,663 shares in the last quarter. Finally, Capital International Inc. CA acquired a new position in shares of Barrick Mining in the 4th quarter worth $57,991,000. Institutional investors and hedge funds 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.