Newmont Co. (TSE:NGT) to Post Q3 2023 Earnings of $0.60 Per Share, Raymond James Forecasts

Newmont Co. (TSE:NGT) – Stock analysts at Raymond James cut their Q3 2023 earnings per share estimates for Newmont in a report released on Wednesday, September 6th. Raymond James analyst B. Macarthur now forecasts that the company will earn $0.60 per share for the quarter, down from their previous estimate of $0.88. The consensus estimate for Newmont’s current full-year earnings is $5.16 per share.

Newmont (TSE:NGT) last released its quarterly earnings results on Thursday, July 20th. The company reported C$0.44 EPS for the quarter, missing the consensus estimate of C$0.52 by C($0.08). The firm had revenue of C$3.60 billion for the quarter, compared to the consensus estimate of C$3.87 billion. Newmont had a negative return on equity of 3.61% and a negative net margin of 6.77%.

Separately, CIBC downgraded Newmont from an “outperform” rating to a “neutral” rating and reduced their target price for the company from C$54.00 to C$50.00 in a report on Friday, July 21st.

Newmont Price Performance

TSE NGT opened at C$52.84 on Monday. The company has a 50-day moving average price of C$54.94 and a two-hundred day moving average price of C$59.09. Newmont has a 52 week low of C$51.30 and a 52 week high of C$76.08. The stock has a market cap of C$41.95 billion, a price-to-earnings ratio of -39.73, a price-to-earnings-growth ratio of 1.24 and a beta of 0.39. The company has a current ratio of 2.28, a quick ratio of 1.77 and a debt-to-equity ratio of 31.48.

Newmont Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $2.12 dividend on an annualized basis and a yield of 4.01%. Newmont’s payout ratio is presently -158.65%.

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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.