Equities Analysts Offer Predictions for Newmont Co.’s Q1 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities research analysts at National Bank Financial issued their Q1 2024 earnings per share (EPS) estimates for Newmont in a research note issued on Thursday, April 18th. National Bank Financial analyst M. Parkin forecasts that the basic materials company will post earnings of $0.38 per share for the quarter. National Bank Financial has a “Outperform Overweight” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $1.98 per share. National Bank Financial also issued estimates for Newmont’s FY2024 earnings at $1.61 EPS and FY2025 earnings at $2.34 EPS.

Newmont (NYSE:NEM) last released its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The company had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. Newmont’s revenue was up 23.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.44 EPS.

A number of other research firms have also recently commented on NEM. Scotiabank reduced their price target on Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a report on Wednesday, February 28th. Citigroup reduced their price objective on 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 reduced their price objective on Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. Royal Bank of Canada reduced their price objective 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, Argus cut Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Newmont has a consensus rating of “Hold” and a consensus target price of $50.89.

Newmont Price Performance

NYSE:NEM opened at $37.71 on Monday. Newmont has a 52-week low of $29.42 and a 52-week high of $50.18. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. The company has a market cap of $43.47 billion, a P/E ratio of -15.84, a P/E/G ratio of 1.05 and a beta of 0.50. The stock’s 50-day simple moving average is $35.01 and its 200 day simple moving average is $36.86.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. TFC Financial Management Inc. boosted its holdings in Newmont by 242.2% in the 3rd quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock worth $26,000 after buying an additional 499 shares during the period. Mizuho Securities Co. Ltd. bought a new position in Newmont in the 3rd quarter worth approximately $26,000. Life Planning Partners Inc bought a new position in Newmont in the 4th quarter worth approximately $26,000. Manchester Capital Management LLC boosted its holdings in Newmont by 171.9% in the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 397 shares during the period. Finally, OFI Invest Asset Management bought a new position in Newmont in the 3rd quarter valued at $30,000. 68.85% of the stock is owned by institutional investors.

Newmont Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.65%. Newmont’s 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.