Shares of Barrick Mining Corporation (NYSE:B) have received a consensus rating of “Buy” from analysts, according to a report by MarketBeat. This rating reflects the perspectives of twenty-two financial firms currently covering the stock. Among these analysts, two have rated the stock as a hold, while seventeen have assigned a buy rating, and three have designated it as a strong buy.
Analysts have set an average 12-month price target of approximately $47.17 for Barrick Mining. Recently, several firms provided significant updates on the stock. On September 22, BMO Capital Markets maintained a “market perform” rating. Following this, the Royal Bank of Canada raised their price target from $38.00 to $40.00 with an “outperform” rating on October 27.
On November 24, Bank of America upgraded Barrick Mining from a “neutral” rating to a “buy” and increased their price target to $48.00. In a report released on December 15, Zacks Research also upgraded the stock from a “hold” to a “strong-buy” rating.
Quarterly Earnings Report and Dividend Increase
Barrick Mining disclosed its quarterly earnings on November 10, during which it reported earnings per share (EPS) of $0.58, exceeding the consensus estimate of $0.57 by a narrow margin. The company generated revenues of $4.19 billion, slightly below the anticipated $4.20 billion. Notably, Barrick Mining achieved a net margin of 24.53% and a return on equity of 9.48%. Year-over-year, the company’s revenue rose by 23.2%, with earnings per share increasing from $0.09 in the same quarter last year. Analysts predict that Barrick Mining will post an EPS of 1.47 for the current year.
In addition to its financial performance, Barrick Mining announced an increase in its quarterly dividend. The company paid a dividend of $0.175 per share on December 15, up from the previous quarterly dividend of $0.15. This increase translates to an annualized dividend of $0.70 and a yield of 1.6%. The ex-dividend date for this payment was November 28, and the dividend payout ratio currently stands at 33.82%.
Institutional Investments and Ownership
Recent trading activity has seen considerable institutional involvement in Barrick Mining. Notable transactions include Vermillion Wealth Management Inc., which acquired a new position in the second quarter valued at $25,000, and Crowley Wealth Management Inc., which also initiated a new stake worth approximately $26,000. Other firms, such as Concord Wealth Partners and Arlington Trust Co LLC, similarly purchased new stakes in the company during this period. Currently, institutional investors hold around 90.82% of Barrick Mining’s stock.
Barrick Gold Corporation, commonly referred to as Barrick, is headquartered in Toronto and is engaged in the exploration, development, production, and sale of gold and copper. The company operates large-scale mining complexes and processing facilities, covering the entire mining value chain, from exploration to reclamation.
As Barrick Mining continues to attract positive attention from analysts and institutional investors alike, its recent performance and strategic moves suggest a promising outlook for the company in the competitive mining sector.
