FINWIRES · TerminalLIVE
FINWIRES

Barrick Mining Maintained at Buy at Stifel Canada After Q1 Results; Price Target Kept at C$95.00

By

Stifel Canada on Tuesday maintained its buy rating on the shares of Barrick Mining (ABX.TO, B) and its C$95.00 price target following the company's first-quarter results.

"Barrick reported stronger Q1/26 adjusted EPS of $0.98 vs. our $0.75 (consensus $0.81) and adjusted EBITDA of $3.93Bln vs. our $3.38Bln (consensus: $3.26Bln) on attributable gold production of 719Koz vs. our 658Koz and higher vs. Q1/26 guidance of 640-680Koz as well as copper production of 49Kt vs. our 42Kt. Q1/26 total cash cost (TCC) of $1,327/oz vs. our $1,453/oz and AISC of $1,708/oz vs. our $1,904/oz are both tracking at the low-end and below FY26 guidance and Q1/26 consolidated FCF of $1.58Bln vs our $1.14Bln (+38% QoQ) results in FCF/GEO of $1,750 FCF/GEO (+35% QoQ). Barrick reiterated FY26 guidance (incl Q2/26 gold production of 730-770Koz or +4.3% QoQ) and sequential growth through H2/26 driven by the Loulo-Gounkoto ramp-up, Goldrush, Kibali, and NGM. A new $3.0Bln NCIB was authorized over 12 months. We estimate at spot gold and copper prices, the NCIB is 2.0% accretive to our Barrick NAVPS," analyst Ralph Profiti wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $61.81, Change: $-2.59, Percent Change: -4.02%

Related Articles

Research

Research Alert: Pbr Q1: Record Production, Brent Pricing Lift Ebitda Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Q1 saw record oil and gas production with net income of $6.2B, including $2.5B in one-offs, while adjusted net income of $4.5B declined 4.5% sequentially but rose 12.6% Y/Y. Adjusted EBITDA reached $11.7B, up 7.3% on higher Brent prices that averaged $80.61/bbl and increased domestic product sales, though sales remained flat at $23.5B despite production growth of 3.7%. The early startup of FPSO P-79 added 180,000 bbl/day capacity with three additional Buzios FPSOs scheduled for 2027, positioning the company for continued production growth. Management noted Q2 should prove far stronger as elevated prices from the Iranian war will be reflected in results. Operating cash flow totaled $8.4B, down 17.3% sequentially, while net debt increased to $62.1B with leverage at 1.43x remaining within target range. We expect the company to benefit from the ongoing export balance of 81,000 bbl/day expected in Q2 and continued oil price strength from Middle East geopolitical tensions.

$PBR
Research

Research Alert: Ovv: A Q1 Eps Beat And Strategic Repositioning Complete

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:OVV posted Q1 adjusted EPS of $2.00 vs. $1.42, beating consensus by $0.17, driven by strong volume growth. Total production rose 15% Y/Y to 678,900 boe/d, with oil/condensate up 9.5% and natural gas up 20%, all at the high end of guidance. OVV's strategic repositioning is complete, having closed the NuVista acquisition for ~$2.8B and Anadarko divestiture for ~$2.85B, streamlining operations into two core assets: the liquids-focused Permian Basin and natural gas-focused Montney play in Western Canada. The company guides 2026 production at 620-645k boe/d, excluding divested Anadarko volumes. The Permian delivered 221k boe/d with plans for $1.35B capex and 125-135 net wells in 2026, while Montney produced 365k boe/d enhanced by NuVista's 100k boe/d addition. The Anadarko sale significantly strengthened the balance sheet, with net debt declining 40% to below $3.3B and Net Debt to Adjusted EBITDA improving to below 0.8x. OVV returned $84M via buybacks in Q1 and $180M YTD.

$OVV
Research

Research Alert: Plug: Q1 Beat, Though Cash Burn Remains A Concern

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PLUG delivered a strong Q1 top-line beat, with revenue of $163M (+22% Y/Y), meaningfully above consensus of $140M due to strength across equipment sales, services, and hydrogen fuel sales. GAAP gross margin improved to -13% from -55% prior year, while adjusted loss per share improved to $0.08 from $0.17, beating consensus of $0.10. We believe the broad-based revenue strength validates management's execution across the platform, with continued material handling demand and electrolyzer project progress. Management maintained its target of achieving EBITDAS positive performance by Q4 2026. Liquidity remains supported with total cash of $802M and expected proceeds of $275M from asset monetization initiatives. We expect sequential improvement in cash usage as operational efficiencies materialize, though cash burn remains elevated and we anticipate another year of significant usage before profitability.

$PLUG