On June 23, Barrick Mining fell 3.41% in regular trading, trading at $38.56/share, with turnover of $105 million. The decline came as the gold sector extended systematic selling pressure that has persisted since June 18, dragging down individual stocks broadly.
Within the Gold sector, weakness was widespread: Coeur Mining fell 6.75%, Pan American Silver fell 4.95%, Newmont Mining fell 3.7%, Anglogold Ashanti fell 3.08%, and Agnico Eagle Mines fell 3.01%. Royal Bank of Canada previously slashed its target price on Barrick Mining from $62 to $51, a reduction of approximately 18%, while maintaining an Outperform rating.
Despite strong Q1 fundamentals — revenue of $5.22 billion representing a 67% year-over-year increase, adjusted EPS of $0.98 significantly beating expectations, and a $3 billion share buyback program continuing to advance — near-term sector-wide systematic pressure continues to weigh on the stock price.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments