Q2 2024 Earnings Forecast for Newmont Co. (NYSE:NEM) Issued By Raymond James

Newmont Co. (NYSE:NEM) – Equities research analysts at Raymond James lifted their Q2 2024 earnings estimates for shares of Newmont in a report released on Tuesday, April 23rd. Raymond James analyst B. Macarthur now anticipates that the basic materials company will post earnings per share of $0.61 for the quarter, up from their prior estimate of $0.35. The consensus estimate for Newmont’s current full-year earnings is $1.99 per share. Raymond James also issued estimates for Newmont’s Q3 2024 earnings at $0.78 EPS, Q4 2024 earnings at $0.82 EPS and FY2024 earnings at $2.56 EPS.

NEM has been the topic of several other reports. Scotiabank cut their target price on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. BMO Capital Markets cut their target price on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Argus downgraded shares of Newmont from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. Finally, StockNews.com upgraded shares of Newmont from a “sell” rating to a “hold” rating in a research report on Friday. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Newmont Stock Down 1.6 %

NYSE:NEM opened at $42.73 on Friday. The firm’s 50 day simple moving average is $35.54 and its 200 day simple moving average is $36.95. 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 one year low of $29.42 and a one year high of $50.18. The company has a market cap of $49.26 billion, a PE ratio of -17.95, a P/E/G ratio of 1.07 and a beta of 0.50.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same period last year, the company posted $0.40 EPS. The firm’s quarterly revenue was up 50.2% compared to the same quarter last year.

Institutional Trading of Newmont

Hedge funds have recently modified their holdings of the stock. TFC Financial Management Inc. grew its position in Newmont by 242.2% in the 3rd quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 499 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in Newmont during the 3rd quarter worth $26,000. Life Planning Partners Inc purchased a new position in Newmont during the 4th quarter worth $26,000. Manchester Capital Management LLC boosted its holdings in Newmont by 171.9% during the 4th 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 during the last quarter. Finally, OFI Invest Asset Management purchased a new position in Newmont during the 3rd quarter worth $30,000. Institutional investors own 68.85% of the company’s stock.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.34%. Newmont’s dividend payout ratio is currently -42.02%.

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.