FY2024 Earnings Forecast for Newmont Co. (NYSE:NEM) Issued By National Bank Financial

Newmont Co. (NYSE:NEM) – National Bank Financial increased their FY2024 earnings estimates for Newmont in a report issued on Tuesday, April 30th. National Bank Financial analyst M. Parkin now forecasts that the basic materials company will post earnings of $2.42 per share for the year, up from their previous estimate of $1.61. National Bank Financial currently has a “Sector Perform Overweight” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $2.32 per share. National Bank Financial also issued estimates for Newmont’s FY2025 earnings at $2.80 EPS and FY2026 earnings at $2.33 EPS.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.20. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.66 billion. During the same period in the prior year, the firm earned $0.40 EPS. The company’s revenue for the quarter was up 50.2% on a year-over-year basis.

Several other analysts have also recently issued reports on NEM. TD Securities upped their target price on shares of Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research report on Friday, April 26th. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Royal Bank of Canada dropped their price objective on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 8th. Citigroup reduced their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. Finally, Argus cut shares of Newmont from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.35.

Newmont Price Performance

NEM stock opened at $40.66 on Friday. Newmont has a 52 week low of $29.42 and a 52 week high of $50.18. The firm has a market capitalization of $46.89 billion, a P/E ratio of -15.23, a price-to-earnings-growth ratio of 0.97 and a beta of 0.48. The company has a fifty day simple moving average of $36.40 and a two-hundred day simple moving average of $37.02. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Newmont by 43.8% during the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after buying an additional 36,170,995 shares in the last quarter. Van ECK Associates Corp grew its holdings in Newmont by 57.2% during the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after acquiring an additional 18,664,614 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Newmont by 44.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after purchasing an additional 7,635,657 shares during the period. First Eagle Investment Management LLC raised its holdings in shares of Newmont by 29.9% in the 4th quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after purchasing an additional 5,475,155 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Newmont by 39.8% in the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after purchasing an additional 6,617,145 shares during the period. Institutional investors own 68.85% of the company’s stock.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Tuesday, June 4th. Newmont’s dividend payout ratio is presently -37.45%.

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.