Raymond James Comments on Newmont Co.’s Q2 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities researchers at Raymond James upped their Q2 2024 earnings estimates for Newmont in a report issued on Tuesday, April 23rd. Raymond James analyst B. Macarthur now forecasts 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 $2.16 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 announced its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.20. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company’s revenue was up 50.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 EPS.

Other equities research analysts have also issued reports about the company. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a report on Friday. Argus lowered Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Jefferies Financial Group assumed 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 lowered their price target on Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. Finally, TD Securities boosted their target price on shares of Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research report on Friday. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Newmont Stock Down 1.6 %

Newmont stock opened at $42.73 on Friday. The firm’s 50 day moving average price is $35.54 and its two-hundred day moving average price is $36.94. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.98 and a current ratio of 2.15. Newmont has a twelve month low of $29.42 and a twelve month high of $50.18. The firm has a market cap of $49.26 billion, a PE ratio of -16.00, a P/E/G ratio of 1.11 and a beta of 0.50.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Tuesday, June 4th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Hedge Funds Weigh In On Newmont

A number of hedge funds have recently made changes to their positions in the business. TFC Financial Management Inc. lifted its holdings in shares of Newmont by 242.2% during the third quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 499 shares during the period. Mizuho Securities Co. Ltd. acquired a new stake in Newmont during the 3rd quarter valued at $26,000. Life Planning Partners Inc bought a new position in Newmont in the 4th quarter valued at $26,000. Manchester Capital Management LLC boosted its stake in 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 purchasing an additional 397 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of Newmont during the third quarter worth $30,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.