Barrick Mining (NYSE:B) Stock Breaks Above 200-Day Moving Average – Here’s Why

Barrick Mining Corporation (NYSE:B) (TSE:ABX) crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $41.95 and traded as high as $42.86. Barrick Mining shares last traded at $42.3750, with a volume of 12,710,860 shares.

Key Stories Impacting Barrick Mining

Investors following B have been watching these stories:

• Positive Sentiment: Gold-mining shares rose Wednesday as bullion modestly rebounded from its prior-session drop, offering a near-term tailwind for Barrick. Gold mining stocks rise as bullion climbs after inflation-driven slide
• Neutral Sentiment: Barrick filed to take American Barrick Gold public, a company intended to hold its North American gold assets. The transaction could unlock value, but its ultimate effect depends on IPO terms and how the separation is structured. Barrick Announces American Barrick and S-1 Filing
• Neutral Sentiment: JPMorgan lowered its price target to $53 from $55 but kept an Overweight rating, indicating a more cautious target while remaining constructive on the shares. JPMorgan analyst rating and price target

Wall Street Analyst Weigh In

A number of brokerages have recently commented on B. RBC Dominion Securities set a $53.00 price objective on Barrick Mining and gave the stock an “outperform” rating in a research report on Thursday, October 22nd. Citigroup raised their target price on shares of Barrick Mining from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. Freedom Broker cut shares of Barrick Mining from a “buy” rating to a “hold” rating and lowered their price target for the stock from $54.00 to $46.00 in a report on Thursday, October 22nd. Barclays boosted their price target on shares of Barrick Mining from $39.00 to $42.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. Finally, Canadian Imperial Bank of Commerce downgraded shares of Barrick Mining from a “sector outperform” rating to a “neutral” rating and dropped their price objective for the company from $57.00 to $49.00 in a research report on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.47.

Barrick Mining Price Performance

The stock has a 50-day moving average price of $41.07 and a 200 day moving average price of $41.84. The firm has a market cap of $63.62 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 1.22 and a beta of 0.52. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.73 and a quick ratio of 2.36.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings results on Monday, November 9th. The gold and copper producer reported $0.82 EPS for the quarter, topping the consensus estimate of $0.74 by $0.08. Barrick Mining had a return on equity of 16.65% and a net margin of 30.32%. The company had revenue of $4.12 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the previous year, the company posted $0.58 earnings per share. The firm’s revenue was up 22.3% compared to the same quarter last year. As a group, equities research analysts forecast that Barrick Mining Corporation will post 3.54 earnings per share for the current fiscal year.

Barrick Mining Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be given a dividend of $0.1750 per share. The ex-dividend date is Monday, November 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.8%. Barrick Mining’s dividend payout ratio (DPR) is 18.04%.

Hedge Funds Weigh In On Barrick Mining

A number of institutional investors have recently modified their holdings of the business. Ascentis Independent Advisors purchased a new position in Barrick Mining during the 1st quarter worth $28,000. Continuum Advisory LLC purchased a new position in shares of Barrick Mining during the second quarter worth about $32,000. Allied Private Wealth LLC purchased a new position in shares of Barrick Mining during the second quarter worth about $35,000. Silver Grove Financial Group Inc. increased its position in Barrick Mining by 42.7% in the 3rd quarter. Silver Grove Financial Group Inc. now owns 893 shares of the gold and copper producer’s stock valued at $36,000 after acquiring an additional 267 shares during the period. Finally, Root Financial Partners LLC acquired a new position in Barrick Mining in the 3rd quarter valued at about $38,000. 90.82% of the stock is owned by institutional investors and hedge funds.

About Barrick Mining

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the exploration, development and production of gold and copper. Its activities include operating mines, advancing development projects and managing mineral reserves across multiple jurisdictions. The company’s gold operations include Nevada Gold Mines in the United States, a joint venture in which Barrick is the operator, as well as mines and projects in Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo.