Newmont Co. to Post Q2 2024 Earnings of $0.35 Per Share, Raymond James Forecasts (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities researchers at Raymond James decreased their Q2 2024 earnings estimates for Newmont in a research report issued to clients and investors on Tuesday, April 16th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings of $0.35 per share for the quarter, down from their prior forecast of $0.37. The consensus estimate for Newmont’s current full-year earnings is $2.01 per share. Raymond James also issued estimates for Newmont’s FY2024 earnings at $1.71 EPS.

Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada lowered their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 8th. National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. StockNews.com cut shares of Newmont from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Jefferies Financial Group began coverage on shares of Newmont in a report on Thursday, February 29th. They issued a “buy” rating and a $38.00 price target on the stock. Finally, Citigroup cut their price target on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Newmont presently has an average rating of “Hold” and a consensus target price of $51.97.

Newmont Price Performance

Shares of NYSE:NEM opened at $39.03 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98. Newmont has a 1-year low of $29.42 and a 1-year high of $50.18. The company has a market capitalization of $44.99 billion, a P/E ratio of -16.40, a P/E/G ratio of 1.02 and a beta of 0.50. The firm’s 50 day simple moving average is $34.82 and its two-hundred day simple moving average is $36.83.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.01). Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The firm had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same period in the prior year, the firm earned $0.44 EPS. Newmont’s revenue for the quarter was up 23.7% compared to the same quarter last year.

Newmont Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.56%. Newmont’s payout ratio is -42.02%.

Institutional Investors Weigh In On Newmont

Hedge funds and other institutional investors have recently made changes to their positions in the company. New Century Financial Group LLC acquired a new stake in Newmont in the 1st quarter valued at $1,128,000. Accel Wealth Management purchased a new position in shares of Newmont during the 1st quarter worth $222,000. Uncommon Cents Investing LLC raised its holdings in shares of Newmont by 4.4% during the 1st quarter. Uncommon Cents Investing LLC now owns 15,845 shares of the basic materials company’s stock worth $568,000 after acquiring an additional 670 shares during the period. First Trust Direct Indexing L.P. raised its holdings in shares of Newmont by 4.9% during the 1st quarter. First Trust Direct Indexing L.P. now owns 19,468 shares of the basic materials company’s stock worth $698,000 after acquiring an additional 902 shares during the period. Finally, Financial Sense Advisors Inc. raised its holdings in shares of Newmont by 219.7% during the 1st quarter. Financial Sense Advisors Inc. now owns 133,096 shares of the basic materials company’s stock worth $4,770,000 after acquiring an additional 91,462 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.