Barrick Mining Corporation’s stock price increased by 1.1% during trading on Friday, reaching a high of $44.23 before settling at $44.03. Approximately 10,596,850 shares changed hands, reflecting a decline of 2% from the average daily trading volume of 10,775,655 shares. The previous closing price was $43.55.
Positive Analyst Ratings Amid Solid Earnings
Analysts have expressed optimism about Barrick Mining’s future performance. The Jefferies Financial Group reaffirmed a “buy” rating on the stock, setting a target price of $55.00. Similarly, BNP Paribas Exane upgraded Barrick Mining from “neutral” to “outperform” with a price objective of $50.00. Raymond James Financial also increased its target from $40.00 to $42.00, maintaining an “outperform” rating.
The positive sentiment is backed by Barrick Mining’s recent quarterly earnings announcement. On November 10, 2023, the gold and copper producer reported earnings per share of $0.58, slightly exceeding analysts’ expectations of $0.57. The company’s revenue for the quarter reached $4.19 billion, just shy of the consensus estimate of $4.20 billion. Notably, the firm’s revenue increased by 23.2% compared to the same quarter last year, when it posted earnings of $0.09 per share.
Dividend Increase and Institutional Interest
In a move that reflects its strengthening financial position, Barrick Mining recently announced a quarterly dividend of $0.175 per share, which was paid on December 15, 2023. This new dividend represents an annualized amount of $0.70, yielding approximately 1.6%. The dividend payout ratio stands at 33.82%, an increase from the previous quarterly dividend of $0.15.
Institutional investors have shown considerable interest in Barrick Mining. Several hedge funds have recently acquired shares, including Arlington Trust Co LLC, which purchased a new position valued at around $26,000. Other notable acquisitions include JPL Wealth Management LLC and Pin Oak Investment Advisors Inc., which invested approximately $28,000 and $31,000, respectively. Overall, institutional investors own 90.82% of the company’s stock.
Barrick Mining, headquartered in Toronto, specializes in the exploration, development, production, and sale of gold and copper. The company operates integrated mining complexes and processing facilities, covering the entire mining value chain from exploration to reclamation. Analysts maintain an average rating of “Buy” for the stock, with an average price target of $47.17, indicating a strong confidence in Barrick Mining’s potential for continued growth.
Investors interested in the mining sector may find Barrick Mining’s recent performance and positive analyst outlook worth considering as they navigate their investment strategies.
