Equities Analysts Offer Predictions for Newmont Co.’s Q2 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Investment analysts at Raymond James lowered their Q2 2024 EPS estimates for shares of Newmont in a research note issued on Tuesday, April 16th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $0.35 per share for the quarter, down from their prior forecast of $0.37. The consensus estimate for Newmont’s current full-year earnings is $2.02 per share. Raymond James also issued estimates for Newmont’s FY2024 earnings at $1.71 EPS.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The firm’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 earnings per share.

Several other brokerages also recently commented on NEM. Scotiabank decreased their price objective 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 decreased their price target on Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. Jefferies Financial Group began 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. Citigroup decreased their target price on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. Finally, Royal Bank of Canada dropped their price target on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $51.97.

Newmont Price Performance

NYSE NEM opened at $38.55 on Thursday. The stock has a market cap of $44.44 billion, a price-to-earnings ratio of -16.20, a PEG ratio of 1.00 and a beta of 0.50. Newmont has a 12 month low of $29.42 and a 12 month high of $50.18. The company’s 50 day moving average is $34.70 and its two-hundred day moving average is $36.81. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25.

Institutional Investors Weigh In On Newmont

A number of hedge funds have recently bought and sold shares of the business. Compass Wealth Management LLC bought a new stake in shares of Newmont in the 4th quarter worth about $25,000. Life Planning Partners Inc bought a new stake in Newmont during the fourth quarter worth approximately $26,000. Quarry LP raised its position in Newmont by 1,462.5% during the first quarter. Quarry LP now owns 625 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 585 shares during the period. Manchester Capital Management LLC lifted 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 valued at $26,000 after purchasing an additional 397 shares during the last quarter. Finally, TFC Financial Management Inc. boosted its holdings in shares of Newmont by 242.2% in the 3rd 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 period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s dividend payout ratio (DPR) is presently -42.02%.

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.