Brokers Set Expectations for Newmont Co.’s Q1 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Research analysts at Raymond James upped 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 post earnings of $0.35 per share for the quarter, up from their prior estimate of $0.34. The consensus estimate for Newmont’s current full-year earnings is $2.01 per share.

Several other analysts have also weighed in on NEM. Royal Bank of Canada lowered their price objective on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 8th. Jefferies Financial Group assumed coverage on shares of Newmont in a research note on Thursday, February 29th. They set a “buy” rating and a $38.00 price target for the company. TD Securities decreased their price target on shares of Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research note on Friday, February 23rd. BMO Capital Markets decreased their price target on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Finally, Scotiabank decreased their price target on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Newmont has a consensus rating of “Hold” and a consensus target price of $51.97.

Newmont Stock Performance

NYSE:NEM opened at $38.55 on Friday. The company has a fifty day moving average of $34.70 and a 200-day moving average of $36.81. The firm has a market capitalization of $44.44 billion, a P/E ratio of -16.20, a P/E/G ratio of 1.02 and a beta of 0.50. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.25. Newmont has a twelve month low of $29.42 and a twelve month high of $50.18.

Newmont (NYSE:NEM) last released its quarterly earnings data 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 company had revenue of $3.96 billion during 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%. The business’s revenue was up 23.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 EPS.

Institutional Investors Weigh In On Newmont

Large investors have recently modified their holdings of the stock. FARMERS & MERCHANTS TRUST Co OF LONG BEACH grew its stake in Newmont by 12.2% in the 1st quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 39,668 shares of the basic materials company’s stock valued at $1,422,000 after buying an additional 4,313 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in Newmont by 460.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 6,928 shares of the basic materials company’s stock valued at $248,000 after buying an additional 5,691 shares in the last quarter. Citizens Business Bank purchased a new position in Newmont in the 1st quarter valued at approximately $596,000. AMF Tjanstepension AB grew its position in shares of Newmont by 7.9% during the 1st quarter. AMF Tjanstepension AB now owns 473,322 shares of the basic materials company’s stock valued at $16,982,000 after purchasing an additional 34,634 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new position in shares of Newmont during the 1st quarter valued at $234,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, March 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.59%. 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.