Newmont (NYSE:NEM) Stock Price Expected to Rise, National Bank Financial Analyst Says

Key Points

• National Bank Financial raised Newmont’s price target to $140 from $120 while maintaining a “sector perform” rating, implying 13.3% upside from the prior close.
• Analyst sentiment remains generally positive, with MarketBeat reporting a consensus “Moderate Buy” rating and an average price target of $133.78.
• Newmont’s latest quarterly results exceeded earnings expectations, reporting $2.10 in EPS versus $2.05 expected, although revenue of $6.12 billion fell short of the $6.35 billion consensus estimate.

Newmont (NYSE:NEM - Get Free Report) had its price objective increased by analysts at National Bank Financial from $120.00 to $140.00 in a note issued to investors on Monday. The firm presently has a "sector perform" rating on the basic materials company's stock. National Bank Financial's price objective indicates a potential upside of 13.30% from the stock's previous close.

Several other equities analysts have also recently weighed in on the stock. UBS Group decreased their target price on shares of Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of Newmont in a research report on Monday, September 14th. Canaccord Genuity Group lowered their price objective on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, July 23rd. BMO Capital Markets dropped their target price on shares of Newmont from $145.00 to $135.00 and set an "outperform" rating on the stock in a report on Tuesday, June 23rd. Finally, Zacks Research cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $133.78.

Newmont Stock Performance

NEM opened at $123.57 on Monday. The business's 50-day simple moving average is $115.05 and its 200 day simple moving average is $109.75. Newmont has a 52-week low of $76.05 and a 52-week high of $135.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The firm has a market capitalization of $130.20 billion, a PE ratio of 15.60, a PEG ratio of 1.78 and a beta of 0.52.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The firm had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same period last year, the company earned $1.43 earnings per share. As a group, sell-side analysts expect that Newmont will post 9.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $369,000.00. Following the completion of the sale, the executive vice president owned 37,315 shares of the company's stock, valued at approximately $4,589,745. The trade was a 7.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the transaction, the chief executive officer owned 135,235 shares in the company, valued at $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 32,091 shares of company stock valued at $3,414,187 in the last ninety days. 0.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors have recently made changes to their positions in the stock. Pinnacle Bancorp Inc. acquired a new position in shares of Newmont in the 1st quarter valued at approximately $25,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Newmont in the 1st quarter valued at $25,000. Clearstead Trust LLC acquired a new position in shares of Newmont during the 2nd quarter worth $25,000. Kilter Group LLC acquired a new stake in Newmont in the second quarter valued at about $26,000. Finally, Bayban acquired a new position in Newmont during the fourth quarter worth about $30,000. 68.85% of the stock is currently owned by institutional investors.

About Newmont

Newmont Corporation NYSE: NEM is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.

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