Stifel Canada Lowers Earnings Outlook for Barrick Mining
Barrick Mining Corporation’s earnings estimates for fiscal year 2026 have been revised downward by Stifel Canada. In a research note issued on September 21, 2023, analyst R. Profiti projected earnings of $2.26 per share, a slight decrease from the previous estimate of $2.28. The current consensus estimate for the company’s full-year earnings stands at $1.47 per share.
In addition to the revision for FY2026, Stifel Canada provided estimates for upcoming years, forecasting $2.23 earnings per share for FY2027 and $2.51 for FY2028. These adjustments come as Barrick Mining continues to navigate market fluctuations in the gold and copper sectors.
Barrick Mining recently reported its earnings results for the previous quarter on August 11, 2023. The company achieved earnings of $0.47 per share, aligning with analyst predictions. Revenue reached $3.72 billion, surpassing expectations of $3.60 billion. The firm’s net margin was recorded at 19.99%, with a return on equity of 8.19%. Revenue for the quarter represented a robust increase of 16.4% compared to the same quarter the previous year, when the company posted earnings of $0.32 per share.
Stock Performance and Financial Ratios
On September 21, 2023, Barrick Mining’s shares opened at $34.30. The company’s financial metrics indicate a solid position, with a current ratio of 3.21, a quick ratio of 2.53, and a debt-to-equity ratio of 0.14. Barrick Mining boasts a market capitalization of $58.41 billion, a price-to-earnings (P/E) ratio of 21.57, and a price/earnings to growth (PEG) ratio of 0.59. The stock has shown moderate volatility, with a beta of 0.28. Over the past twelve months, shares have fluctuated between a low of $15.11 and a high of $36.10.
Recently, Barrick Mining announced a quarterly dividend of $0.15, which was paid on September 15, 2023. This results in an annualized dividend of $0.60 and a yield of 1.7%. The payout ratio for the company currently stands at 37.74%.
Institutional Investor Activity
Institutional investors have recently made significant moves in Barrick Mining. Notably, Vermillion Wealth Management Inc. acquired a new stake valued at approximately $25,000 in the second quarter. Other firms such as Concord Wealth Partners, Crowley Wealth Management Inc., and Ameriflex Group Inc. also entered positions valued between $26,000 and $27,000. Currently, institutional investors and hedge funds hold approximately 90.82% of Barrick Mining’s stock.
Barrick Gold Corporation is recognized as a leading producer in the gold and copper sector. The company’s shares are traded on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange as ABX. Following its merger with Randgold Resources in January 2019, Barrick combined its Nevada operations with those of Newmont Corporation in a joint venture known as Nevada Gold Mines.
As Barrick Mining navigates these adjustments and market conditions, stakeholder interest will likely remain high, reflecting the ongoing significance of the mining sector in the global economy.
