Barrick Mining Corporation’s share price increased by 1.1% during trading on Friday, reaching a high of $44.23 before closing at $44.03. Approximately 10,596,850 shares changed hands, marking a 2% decline from the average daily volume of 10,775,655 shares. The stock had previously closed at $43.55.
Analysts Predict Continued Growth
Several research firms have recently provided insights into Barrick Mining’s potential. Jefferies Financial Group reiterated a “buy” rating, setting a target price of $55.00 for the stock. Meanwhile, BNP Paribas Exane upgraded Barrick from a “neutral” rating to an “outperform” rating with a price objective of $50.00.
In a report dated November 25, Raymond James Financial raised their target price from $40.00 to $42.00 while maintaining an “outperform” rating. Additionally, National Bank Financial also upgraded Barrick Mining to an “outperform” rating on September 22. Overall, three analysts have assigned a Strong Buy rating, while seventeen have given a Buy rating and two have issued a Hold rating. According to MarketBeat, Barrick Mining has an average rating of “Buy” with an average price target of $47.17.
Quarterly Earnings and Dividend Increase
Barrick Mining announced its quarterly earnings results on November 10, 2023. The company reported earnings per share of $0.58, exceeding the consensus estimate of $0.57 by $0.01. The firm generated $4.19 billion in revenue for the quarter, slightly below the expected $4.20 billion. Compared to the same quarter last year, revenue increased by 23.2%. Last year, the company reported earnings per share of $0.09, highlighting significant growth.
Barrick Mining also recently announced a quarterly dividend, which was paid on December 15, 2023. Shareholders of record on November 28, 2023 received a dividend of $0.175 per share, representing an annualized dividend of $0.70 and a yield of 1.6%. This marks an increase from the previous quarterly dividend of $0.15. The company’s dividend payout ratio stands at 33.82%.
Institutional Investor Activity
Several institutional investors have recently adjusted their positions in Barrick Mining. For example, Arlington Trust Co LLC acquired a new stake valued at approximately $26,000 during the third quarter. Similarly, JPL Wealth Management LLC and Pin Oak Investment Advisors Inc. purchased stakes worth $28,000 and $31,000, respectively. Overall, institutional investors own 90.82% of Barrick Mining’s stock.
Barrick Gold Corporation, commonly referred to as Barrick, is headquartered in Toronto and focuses on exploring, developing, producing, and selling gold and copper. The company operates major mining complexes and processing facilities, engaging in full mining value chain activities, including exploration, feasibility, permitting, construction, operations, and reclamation.
