Barrick Mining Corporation (NYSE:B) saw its share price increase by 1.1% during trading on Friday, reaching a peak of $44.23 before closing at $44.03. Approximately 10,596,850 shares exchanged hands, marking a slight decline of 2% from the average daily volume of 10,775,655 shares. The previous closing price was $43.55.
Analysts are optimistic about Barrick Mining’s future. Several research firms have recently updated their ratings on the stock. Jefferies Financial Group reaffirmed a “buy” rating, setting a target price of $55.00 in a report published on December 7. Similarly, BNP Paribas Exane upgraded the stock from “neutral” to “outperform” with a price objective of $50.00 on December 5. Raymond James Financial also raised their target price from $40.00 to $42.00 and assigned an “outperform” rating on November 25. Overall, three analysts have given the stock a Strong Buy rating, while seventeen have issued a Buy rating, and two have rated it as Hold. According to data from MarketBeat, Barrick Mining holds an average rating of “Buy” with an average price target of $47.17.
Barrick Mining reported its quarterly earnings on November 10, revealing earnings per share of $0.58, slightly exceeding the consensus estimate of $0.57. The company generated revenue of $4.19 billion, which was just shy of the expected $4.20 billion. Comparatively, this revenue figure represents a remarkable 23.2% increase from the same quarter last year, when the firm earned $0.09 per share. Analysts forecast average earnings per share of $1.47 for the current fiscal year.
Dividend Announcement and Institutional Interest
In addition to its positive earnings, Barrick Mining recently declared a quarterly dividend of $0.175 per share, which was paid on December 15. Investors who held shares as of November 28 received this dividend, which translates to an annualized dividend of $0.70 and a yield of 1.6%. This increase from the previous quarterly dividend of $0.15 reflects a healthy dividend payout ratio of 33.82%.
Institutional investors have shown renewed interest in Barrick Mining, with several hedge funds acquiring new positions. For example, Arlington Trust Co LLC invested approximately $26,000 in the third quarter, while JPL Wealth Management LLC purchased shares valued at $28,000. Other notable investments include Pin Oak Investment Advisors Inc. at $31,000 and Provenance Wealth Advisors LLC at $32,000. In total, institutional investors hold 90.82% of the company’s stock.
Barrick Mining, headquartered in Toronto, is a prominent player in the mining sector, focusing on gold and copper production. The company operates large-scale mining complexes and processing facilities, engaging in activities that span the entire mining value chain, from exploration to closure and reclamation.
As analysts continue to project growth and the company maintains a robust dividend policy, investors may find Barrick Mining a compelling option in the current market landscape.
