Equities Analysts Set Expectations for Newmont Co.’s Q1 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Investment analysts at National Bank Financial issued their Q1 2024 earnings per share (EPS) estimates for Newmont in a report issued on Thursday, April 18th. National Bank Financial analyst M. Parkin forecasts that the basic materials company will post earnings per share of $0.38 for the quarter. National Bank Financial has a “Outperform Overweight” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $1.98 per share. National Bank Financial also issued estimates for Newmont’s FY2024 earnings at $1.61 EPS and FY2025 earnings at $2.34 EPS.

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

A number of other equities analysts have also recently issued reports on the company. Argus cut Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. TD Securities cut their target price on shares of Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research note on Friday, February 23rd. BMO Capital Markets decreased their price target on Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Citigroup cut their price objective on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Finally, Scotiabank reduced their price objective on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.89.

Newmont Price Performance

Shares of Newmont stock opened at $37.48 on Monday. Newmont has a twelve month low of $29.42 and a twelve month high of $50.18. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. The firm has a market cap of $43.21 billion, a P/E ratio of -15.75, a price-to-earnings-growth ratio of 1.05 and a beta of 0.50. The firm’s 50-day simple moving average is $34.90 and its 200-day simple moving average is $36.86.

Newmont Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were given a dividend of $0.25 per share. The ex-dividend date was Monday, March 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.67%. Newmont’s payout ratio is currently -42.02%.

Institutional Trading of Newmont

A number of hedge funds have recently modified their holdings of NEM. TFC Financial Management Inc. raised its position in shares of Newmont by 242.2% during the third quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 499 shares during the period. Mizuho Securities Co. Ltd. bought a new position in Newmont in the third quarter valued at approximately $26,000. Life Planning Partners Inc acquired a new position in shares of Newmont in the fourth quarter valued at approximately $26,000. Manchester Capital Management LLC increased its position in shares of Newmont by 171.9% during the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 397 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in shares of Newmont during the third quarter worth $30,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

About Newmont

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.