Newmont (NYSE:NEM) Issues Quarterly Earnings Results

Newmont (NYSE:NEM) posted its earnings results on Thursday. The basic materials company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.23, Briefing.com reports. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The company’s revenue for the quarter was up 50.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 earnings per share.

Newmont Stock Performance

Shares of NYSE:NEM traded up $4.30 during trading on Thursday, reaching $42.90. 19,681,404 shares of the stock were exchanged, compared to its average volume of 13,566,294. Newmont has a 12 month low of $29.42 and a 12 month high of $50.18. The firm has a market cap of $49.45 billion, a PE ratio of -17.44, a PEG ratio of 1.05 and a beta of 0.50. The stock has a 50-day moving average price of $35.14 and a 200-day moving average price of $36.87. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25.

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 issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Monday, March 4th. Newmont’s dividend payout ratio is presently -42.02%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on NEM shares. BMO Capital Markets cut 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. TD Securities cut their price target on Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a report on Friday, February 23rd. Argus lowered Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. StockNews.com lowered Newmont from a “hold” rating to a “sell” rating in a report on Monday, February 26th. Finally, Scotiabank cut their price target on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Newmont has a consensus rating of “Hold” and an average target price of $50.89.

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.