Barrick Mining (NYSE:B) Shares Gap Down on Disappointing Earnings

Barrick Mining Corporation (NYSE:B) (TSE:ABX)’s share price gapped down before the market opened on Monday following a dissappointing earnings announcement. The stock had previously closed at $23.43, but opened at $22.36. Barrick Mining shares last traded at $22.65, with a volume of 5,384,504 shares.

The gold and copper producer reported $0.47 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.47. Barrick Mining had a return on equity of 7.51% and a net margin of 17.46%. The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.60 billion. During the same quarter in the prior year, the company earned $0.32 earnings per share. Barrick Mining’s revenue was up 16.4% on a year-over-year basis.

Analyst Ratings Changes

A number of research analysts have weighed in on B shares. Wall Street Zen downgraded Barrick Mining from a “strong-buy” rating to a “buy” rating in a report on Saturday. CIBC raised Barrick Mining to an “outperform” rating in a report on Tuesday. BMO Capital Markets started coverage on Barrick Mining in a report on Wednesday, April 16th. They issued a “market perform” rating on the stock. Royal Bank Of Canada set a $26.00 target price on Barrick Mining and gave the company an “outperform” rating in a report on Wednesday, July 2nd. Finally, Scotiabank raised their price objective on Barrick Mining from $20.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Monday, April 14th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.41.

Hedge Funds Weigh In On Barrick Mining

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. purchased a new position in shares of Barrick Mining in the 2nd quarter worth approximately $1,459,633,000. First Eagle Investment Management LLC purchased a new position in shares of Barrick Mining in the 2nd quarter worth approximately $822,056,000. Capital International Investors boosted its holdings in shares of 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 worth $516,055,000 after purchasing an additional 19,189,830 shares during the period. TD Asset Management Inc purchased a new position in shares of Barrick Mining in the 2nd quarter worth approximately $386,328,000. Finally, Ninety One UK Ltd purchased a new position in shares of Barrick Mining in the 2nd quarter worth approximately $326,862,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Mining Trading Down 2.5%

The stock has a market cap of $38.96 billion, a PE ratio of 17.17, a PEG ratio of 0.36 and a beta of 0.27. 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 stock has a fifty day moving average price of $21.23 and a 200 day moving average price of $19.49.

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.