Barrick Mining (NYSE:B) Reaches New 1-Year High – Still a Buy?

Barrick Mining Corporation (NYSE:B) (TSE:ABX) shares reached a new 52-week high on Thursday . The stock traded as high as $44.38 and last traded at $44.1690, with a volume of 4480852 shares traded. The stock had previously closed at $43.57.

Analyst Upgrades and Downgrades

B has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Barrick Mining from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. Zacks Research raised Barrick Mining from a “hold” rating to a “strong-buy” rating in a report on Monday. National Bank Financial raised Barrick Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, September 22nd. Royal Bank Of Canada boosted their price target on shares of Barrick Mining from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Finally, TD Securities boosted their price objective on shares of Barrick Mining from $38.00 to $46.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Barrick Mining presently has a consensus rating of “Buy” and an average target price of $47.17.

Barrick Mining Stock Performance

The company has a current ratio of 2.94, a quick ratio of 2.33 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $73.89 billion, a PE ratio of 21.25, a PEG ratio of 0.44 and a beta of 0.40. The firm’s 50-day simple moving average is $36.73 and its 200-day simple moving average is $28.98.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its quarterly earnings results on Monday, November 10th. The gold and copper producer reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.01. Barrick Mining had a net margin of 24.53% and a return on equity of 9.48%. The firm had revenue of $4.19 billion during the quarter, compared to the consensus estimate of $4.20 billion. During the same quarter in the previous year, the firm posted $0.09 earnings per share. The company’s revenue was up 23.2% on a year-over-year basis. On average, research analysts predict that Barrick Mining Corporation will post 1.47 earnings per share for the current year.

Barrick Mining Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were issued a $0.175 dividend. The ex-dividend date was Friday, November 28th. This represents a $0.70 annualized dividend and a dividend yield of 1.6%. This is a positive change from Barrick Mining’s previous quarterly dividend of $0.15. Barrick Mining’s dividend payout ratio (DPR) is currently 33.82%.

Hedge Funds Weigh In On Barrick Mining

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