Newmont (TSE:NGT) Trading Down 6.6% – Here’s What Happened

Newmont Co. (TSE:NGT)’s stock price traded down 6.6% on Thursday . The company traded as low as C$74.54 and last traded at C$74.68. 74,959 shares changed hands during trading, a decline of 63% from the average session volume of 199,922 shares. The stock had previously closed at C$79.96.

Analyst Upgrades and Downgrades

NGT has been the subject of several recent analyst reports. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Scotiabank raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, August 19th. Finally, Argus raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a hold rating and five have given a strong buy rating to the stock. According to MarketBeat.com, Newmont currently has a consensus rating of “Strong Buy” and an average target price of C$68.00.

Newmont Price Performance

The company has a debt-to-equity ratio of 31.20, a quick ratio of 1.77 and a current ratio of 2.11. The company has a 50-day moving average of C$72.70 and a 200-day moving average of C$63.93. The stock has a market capitalization of C$77.43 billion, a price-to-earnings ratio of -17.77, a P/E/G ratio of 1.43 and a beta of 0.51.

Newmont (TSE:NGT) last released its quarterly earnings results on Wednesday, October 23rd. The company reported C$1.11 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.07 by C$0.04. The company had revenue of C$6.28 billion during the quarter, compared to analysts’ expectations of C$5.79 billion. Newmont had a negative return on equity of 8.09% and a negative net margin of 13.29%. As a group, equities research analysts expect that Newmont Co. will post 5.509887 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.338 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.35 annualized dividend and a dividend yield of 2.01%. Newmont’s dividend payout ratio is currently -35.62%.

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.