Newmont Co. (NYSE:NEM) Expected to Earn Q2 2024 Earnings of $0.61 Per Share

Newmont Co. (NYSE:NEM - Free Report) - Equities research analysts at Raymond James lifted their Q2 2024 earnings estimates for shares of Newmont in a research report issued to clients and investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now anticipates that the basic materials company will post earnings per share of $0.61 for the quarter, up from their prior forecast of $0.35. The consensus estimate for Newmont's current full-year earnings is $1.99 per share. Raymond James also issued estimates for Newmont's Q3 2024 earnings at $0.78 EPS, Q4 2024 earnings at $0.82 EPS and FY2024 earnings at $2.56 EPS.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.20. The business had revenue of $4.02 billion during the quarter, compared to analysts' expectations of $3.66 billion. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The firm's revenue for the quarter was up 50.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 EPS.

Several other equities analysts have also commented on NEM. Citigroup lowered their price objective on shares of Newmont from $60.00 to $45.00 and set a "buy" rating for the company in a research report on Thursday, April 4th. Jefferies Financial Group began coverage on Newmont in a research report on Thursday, February 29th. They issued a "buy" rating and a $38.00 price target for the company. BMO Capital Markets decreased their price objective on Newmont from $57.00 to $56.00 and set an "outperform" rating on the stock in a research report on Thursday, February 15th. Royal Bank of Canada dropped their target price on Newmont from $45.00 to $40.00 and set a "sector perform" rating for the company in a report on Thursday, February 8th. Finally, TD Securities upped their target price on Newmont from $43.00 to $48.00 and gave the company a "hold" rating in a research note on Friday. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.75.

Newmont Price Performance

Shares of NEM stock traded down $0.68 on Friday, reaching $42.73. The company's stock had a trading volume of 14,214,859 shares, compared to its average volume of 13,801,380. The stock's fifty day simple moving average is $35.54 and its 200-day simple moving average is $36.95. Newmont has a 1 year low of $29.42 and a 1 year high of $50.18. The company has a market capitalization of $49.26 billion, a price-to-earnings ratio of -17.95, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50. 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

Several institutional investors have recently added to or reduced their stakes in NEM. Grey Street Capital LLC raised 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 valued at $2,892,000 after purchasing an additional 289 shares during the last quarter. Moody National Bank Trust Division raised its holdings in shares of Newmont by 1.7% in the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company's stock worth $647,000 after buying an additional 296 shares during the last quarter. Reitz Capital Advisors LLC lifted its stake in shares of Newmont by 1.1% during the fourth quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company's stock worth $1,166,000 after buying an additional 298 shares during the period. Antonetti Capital Management LLC grew its holdings in shares of Newmont by 30.0% during the third quarter. Antonetti Capital Management LLC now owns 1,300 shares of the basic materials company's stock valued at $48,000 after buying an additional 300 shares during the last quarter. Finally, Sigma Planning Corp increased its position in shares of Newmont by 4.6% in the 3rd quarter. Sigma Planning Corp now owns 7,052 shares of the basic materials company's stock valued at $261,000 after acquiring an additional 309 shares during the period. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.34%. The ex-dividend date is Tuesday, June 4th. Newmont's dividend 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.