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

Newmont Co. (NYSE:NEM) – Research analysts at National Bank Financial issued their Q2 2024 earnings estimates for shares of Newmont in a report released on Tuesday, July 16th. National Bank Financial analyst M. Parkin forecasts that the basic materials company will post earnings per share of $0.61 for the quarter. National Bank Financial currently has a “Sector Perform Overweight” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $2.60 per share. National Bank Financial also issued estimates for Newmont’s FY2024 earnings at $2.68 EPS.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter in the previous year, the firm posted $0.40 EPS. The firm’s quarterly revenue was up 50.2% on a year-over-year basis.

Other research analysts have also issued reports about the stock. Citigroup decreased their price objective on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, April 4th. BMO Capital Markets decreased their price objective on shares of Newmont from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Tuesday, May 21st. Scotiabank raised their price objective on shares of Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a report on Thursday, May 23rd. TD Securities raised their price objective on shares of Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a report on Friday, April 26th. Finally, JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.21.

Newmont Trading Down 0.1 %

Newmont stock opened at $48.26 on Thursday. Newmont has a 12-month low of $29.42 and a 12-month high of $48.97. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32. The firm’s fifty day moving average price is $42.82 and its 200 day moving average price is $38.45.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Tuesday, June 4th were given a $0.25 dividend. The ex-dividend date was Tuesday, June 4th. This represents a $1.00 annualized dividend and a yield of 2.07%. Newmont’s dividend payout ratio is presently -37.45%.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at approximately $13,964,788.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is currently owned by insiders.

Institutional Trading of Newmont

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Life Planning Partners Inc bought a new stake in shares of Newmont during the 4th quarter worth about $26,000. Manchester Capital Management LLC increased its position in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 397 shares in the last quarter. LRI Investments LLC purchased a new position in Newmont during the first quarter valued at approximately $25,000. CVA Family Office LLC purchased a new position in Newmont during the fourth quarter valued at approximately $34,000. Finally, Heritage Wealth Advisors grew its position in Newmont by 1,310.4% during the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 878 shares in the last quarter. 68.85% of the stock is currently 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.