Newmont Co. (NYSE:NEM) Forecasted to Post Q1 2024 Earnings of $0.35 Per Share

Newmont Co. (NYSE:NEM) – Research analysts at Raymond James lifted their Q1 2024 earnings estimates for shares of Newmont in a research report issued on Tuesday, April 16th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $0.35 per share for the quarter, up from their previous estimate of $0.34. The consensus estimate for Newmont’s current full-year earnings is $2.01 per share.

Newmont (NYSE:NEM) last released 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). The firm had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. Newmont’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 earnings per share.

Other equities analysts have also recently issued research reports about the stock. TD Securities lowered their price objective on shares of Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a research note on Friday, February 23rd. Jefferies Financial Group initiated coverage on Newmont in a research note on Thursday, February 29th. They issued a “buy” rating and a $38.00 price objective for the company. National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. BMO Capital Markets reduced their price target on Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. Finally, Scotiabank lowered their price objective on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $51.97.

Newmont Stock Up 1.2 %

NEM stock opened at $39.03 on Friday. The business’s 50-day moving average is $34.82 and its two-hundred day moving average is $36.83. The company has a market cap of $44.99 billion, a price-to-earnings ratio of -16.40, a P/E/G ratio of 1.02 and a beta of 0.50. Newmont has a fifty-two week low of $29.42 and a fifty-two week 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.

Newmont Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 annualized dividend and a yield of 2.56%. Newmont’s payout ratio is -42.02%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Compass Wealth Management LLC purchased a new position in Newmont during the 4th quarter valued at approximately $25,000. TFC Financial Management Inc. increased its position in Newmont by 242.2% in 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 last quarter. Mizuho Securities Co. Ltd. purchased a new stake in Newmont during the third quarter valued at $26,000. Life Planning Partners Inc bought a new position in Newmont during the fourth quarter valued at $26,000. Finally, Manchester Capital Management LLC grew its stake in shares of Newmont by 171.9% in the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after buying an additional 397 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.