Zacks Research Weighs in on Newmont Co.’s Q3 2023 Earnings (TSE:NGT)

Newmont Co. (TSE:NGT) – Zacks Research lowered their Q3 2023 earnings estimates for Newmont in a note issued to investors on Tuesday, September 12th. Zacks Research analyst A. Barman now forecasts that the company will earn $0.67 per share for the quarter, down from their prior estimate of $0.69. The consensus estimate for Newmont’s current full-year earnings is $5.16 per share. Zacks Research also issued estimates for Newmont’s Q1 2024 earnings at $0.68 EPS, Q2 2024 earnings at $0.75 EPS, Q4 2024 earnings at $0.84 EPS, FY2024 earnings at $3.28 EPS and Q2 2025 earnings at $0.87 EPS.

Separately, CIBC lowered shares of Newmont from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from C$54.00 to C$50.00 in a research report on Friday, July 21st.

Newmont Stock Performance

NGT stock opened at C$54.64 on Friday. The firm has a market cap of C$43.38 billion, a price-to-earnings ratio of -41.08, a PEG ratio of 1.24 and a beta of 0.39. The firm has a 50-day simple moving average of C$54.69 and a two-hundred day simple moving average of C$58.91. Newmont has a one year low of C$51.30 and a one year high of C$76.08. The company has a debt-to-equity ratio of 31.48, a quick ratio of 1.77 and a current ratio of 2.28.

Newmont (TSE:NGT) last issued its earnings results on Thursday, July 20th. The company reported C$0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.52 by C($0.08). The business 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%.

Newmont Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Wednesday, September 6th. Newmont’s dividend payout ratio is presently -158.65%.

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, 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.