Newmont Co. (NYSE:NEM) to Post Q2 2024 Earnings of $0.61 Per Share, Raymond James Forecasts

Newmont Co. (NYSE:NEM) – Stock analysts at Raymond James upped their Q2 2024 EPS estimates for Newmont in a report released on Tuesday, April 23rd. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $0.61 per share for the quarter, up from their previous estimate 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) last issued its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.20. The company 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%. Newmont’s revenue for the quarter was up 50.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 earnings per share.

NEM has been the topic of a number of other research reports. Citigroup lowered their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Argus downgraded Newmont from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Scotiabank dropped 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 dropped their price target on Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research note on Friday, February 23rd. Finally, Jefferies Financial Group started coverage on Newmont in a research note on Thursday, February 29th. They issued a “buy” rating and a $38.00 target price for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $50.89.

Newmont Stock Up 12.5 %

Newmont stock opened at $43.41 on Friday. The firm has a market capitalization of $50.04 billion, a price-to-earnings ratio of -18.24, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50. The firm’s fifty day moving average price is $35.35 and its two-hundred day moving average price is $36.92. Newmont has a 1-year low of $29.42 and a 1-year high of $50.18. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.30%. Newmont’s payout ratio is -42.02%.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently added to or reduced their stakes in the stock. Grey Street Capital LLC grew its position in Newmont by 0.4% during 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 Newmont by 1.7% in the 1st quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after acquiring an additional 296 shares during the last quarter. Reitz Capital Advisors LLC boosted its stake 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 valued at $1,166,000 after purchasing an additional 298 shares during the last quarter. Antonetti Capital Management LLC increased its holdings in shares of Newmont by 30.0% in 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 in the last quarter. Finally, Sigma Planning Corp raised its stake in shares of Newmont by 4.6% in the third 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. 68.85% of the stock is owned by institutional investors.

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.