Equities Analysts Offer Predictions for Newmont Co.’s Q1 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities researchers at National Bank Financial issued their Q1 2024 EPS estimates for shares of Newmont in a research report issued on Thursday, April 18th. National Bank Financial analyst M. Parkin anticipates that the basic materials company will post earnings per share of $0.38 for the quarter. National Bank Financial currently has a “Outperform Overweight” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $1.98 per share. National Bank Financial also issued estimates for Newmont’s FY2024 earnings at $1.61 EPS and FY2025 earnings at $2.34 EPS.

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

A number of other equities research analysts have also weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Newmont in a report on Thursday, February 29th. They set a “buy” rating and a $38.00 price objective for the company. Argus lowered shares of Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Scotiabank decreased their price objective on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a report on Wednesday, February 28th. TD Securities reduced their price target on shares of Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a report on Friday, February 23rd. Finally, BMO Capital Markets reduced their price target on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.89.

Newmont Trading Up 0.7 %

Shares of NEM opened at $37.71 on Monday. Newmont has a 1-year low of $29.42 and a 1-year high of $50.18. The company has a 50-day moving average of $35.01 and a 200 day moving average of $36.86. The firm has a market capitalization of $43.47 billion, a price-to-earnings ratio of -15.84, a PEG ratio of 1.05 and a beta of 0.50. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Grey Street Capital LLC grew its position in shares of Newmont by 0.4% in the 4th quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company’s stock worth $2,892,000 after buying an additional 289 shares during the last quarter. Moody National Bank Trust Division grew its position in Newmont by 1.7% during the 1st quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after purchasing an additional 296 shares during the last quarter. Reitz Capital Advisors LLC grew its position in Newmont by 1.1% during the 4th quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company’s stock worth $1,166,000 after purchasing an additional 298 shares during the last quarter. Antonetti Capital Management LLC grew its position in Newmont by 30.0% during the 3rd quarter. Antonetti Capital Management LLC now owns 1,300 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 300 shares during the last quarter. Finally, Sigma Planning Corp grew its position in Newmont by 4.6% during the 3rd quarter. Sigma Planning Corp now owns 7,052 shares of the basic materials company’s stock worth $261,000 after purchasing an additional 309 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s payout ratio is currently -42.02%.

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, Papua New Guinea, Ecuador, Fiji, and Ghana.