Barrick Mining (NYSE:B) Raised to Strong-Buy at Zacks Research

Barrick Mining (NYSE:B) (TSE:ABX) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other brokerages have also recently commented on B. Scotiabank upgraded shares of Barrick Mining from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $27.50 to $43.00 in a report on Thursday, October 23rd. National Bank Financial upgraded shares of Barrick Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, September 22nd. National Bankshares upgraded Barrick Mining to an “outperform” rating in a research note on Monday, September 22nd. Cowen reaffirmed a “buy” rating on shares of Barrick Mining in a report on Wednesday, November 26th. Finally, Bank of America upgraded Barrick Mining from a “neutral” rating to a “buy” rating and increased their target price for the stock from $38.00 to $48.00 in a research note on Monday, November 24th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Barrick Mining has an average rating of “Buy” and an average target price of $47.17.

Barrick Mining Stock Performance

Shares of B opened at $43.40 on Monday. The firm has a market cap of $73.07 billion, a P/E ratio of 21.03, a PEG ratio of 0.45 and a beta of 0.40. Barrick Mining has a twelve month low of $15.11 and a twelve month high of $44.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.33 and a current ratio of 2.94. The firm’s 50 day moving average price is $36.54 and its two-hundred day moving average price is $28.88.

Barrick Mining (NYSE:B) (TSE:ABX) last issued its quarterly earnings data on Monday, November 10th. The gold and copper producer reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.01. The business had revenue of $4.19 billion for the quarter, compared to analyst estimates of $4.20 billion. Barrick Mining had a net margin of 24.53% and a return on equity of 9.48%. The firm’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period last year, the business posted $0.09 earnings per share. On average, analysts forecast that Barrick Mining will post 1.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Barrick Mining by 19.8% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 2,260 shares of the gold and copper producer’s stock worth $74,000 after buying an additional 373 shares in the last quarter. Brown Brothers Harriman & Co. raised its holdings in Barrick Mining by 4.7% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 8,770 shares of the gold and copper producer’s stock valued at $287,000 after acquiring an additional 391 shares during the last quarter. Legend Financial Advisors Inc. lifted its stake in Barrick Mining by 0.9% in the 3rd quarter. Legend Financial Advisors Inc. now owns 45,139 shares of the gold and copper producer’s stock worth $1,479,000 after purchasing an additional 399 shares in the last quarter. Banque Transatlantique SA boosted its holdings in shares of Barrick Mining by 4.2% during the 3rd quarter. Banque Transatlantique SA now owns 9,950 shares of the gold and copper producer’s stock worth $326,000 after purchasing an additional 400 shares during the last quarter. Finally, Ascent Group LLC grew its position in shares of Barrick Mining by 2.9% in the third quarter. Ascent Group LLC now owns 14,514 shares of the gold and copper producer’s stock valued at $476,000 after purchasing an additional 404 shares in the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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.