Barrick Mining (NYSE:B) Given New $53.00 Price Target at Royal Bank Of Canada

Barrick Mining (NYSE:B) (TSE:ABX) had its price target increased by research analysts at Royal Bank Of Canada from $49.00 to $53.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the gold and copper producer’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 22.92% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Barclays upped their target price on shares of Barrick Mining from $39.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Scotiabank decreased their price target on Barrick Mining from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Wall Street Zen cut Barrick Mining from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Canadian Imperial Bank of Commerce set a $57.00 price objective on Barrick Mining in a research note on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Barrick Mining in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $52.90.

Barrick Mining Stock Performance

NYSE:B traded up $0.42 during mid-day trading on Wednesday, reaching $43.12. The stock had a trading volume of 3,737,805 shares, compared to its average volume of 12,797,542. Barrick Mining has a twelve month low of $28.38 and a twelve month high of $54.69. The business has a 50 day simple moving average of $41.01 and a 200 day simple moving average of $41.24. The firm has a market capitalization of $70.97 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 1.24 and a beta of 0.51. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.36 and a current ratio of 3.01.

Barrick Mining (NYSE:B) (TSE:ABX) last released its earnings results on Monday, August 10th. The gold and copper producer reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. The company had revenue of $4.19 billion for the quarter, compared to analysts’ expectations of $5.10 billion. Barrick Mining had a return on equity of 16.02% and a net margin of 31.60%.The firm’s quarterly revenue was up 43.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 EPS. On average, analysts expect that Barrick Mining will post 3.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Barrick Mining

Several hedge funds have recently bought and sold shares of the stock. Parvin Asset Management LLC grew its stake in Barrick Mining by 0.7% in the fourth quarter. Parvin Asset Management LLC now owns 33,385 shares of the gold and copper producer’s stock valued at $1,454,000 after acquiring an additional 225 shares during the period. Silver Oak Securities Incorporated increased its holdings in shares of Barrick Mining by 2.9% in the first quarter. Silver Oak Securities Incorporated now owns 8,810 shares of the gold and copper producer’s stock worth $359,000 after acquiring an additional 246 shares in the last quarter. Mmbg Investment Advisors CO. raised its position in shares of Barrick Mining by 0.6% during the fourth quarter. Mmbg Investment Advisors CO. now owns 43,454 shares of the gold and copper producer’s stock worth $1,892,000 after purchasing an additional 254 shares during the period. Fruth Investment Management lifted its holdings in shares of Barrick Mining by 1.8% during the 1st quarter. Fruth Investment Management now owns 20,150 shares of the gold and copper producer’s stock valued at $821,000 after purchasing an additional 350 shares in the last quarter. Finally, Eagle Bay Advisors LLC lifted its holdings in shares of Barrick Mining by 7.5% during the 1st quarter. Eagle Bay Advisors LLC now owns 5,052 shares of the gold and copper producer’s stock valued at $206,000 after purchasing an additional 352 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

About Barrick Mining

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the production of gold and copper. Its activities include the exploration, development, construction and operation of mines, as well as processing ore into refined metal products.

The company operates and holds interests in mining assets across several regions, including North America, South America, Africa, the Middle East and Papua New Guinea. Its portfolio includes gold operations such as Nevada Gold Mines in the United States, Pueblo Viejo in the Dominican Republic, Veladero in Argentina, Kibali in the Democratic Republic of the Congo, and North Mara and Bulyanhulu in Tanzania.