Brokers Set Expectations for Newmont Co.’s Q1 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities researchers at National Bank Financial issued their Q1 2024 EPS estimates for shares of Newmont in a note issued to investors 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 currently 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.

A number of other research firms also recently issued reports on NEM. StockNews.com downgraded shares of Newmont from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Citigroup dropped their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, April 4th. Royal Bank of Canada dropped their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 8th. Jefferies Financial Group initiated coverage on shares of Newmont in a research report on Thursday, February 29th. They set a “buy” rating and a $38.00 target price on the stock. Finally, Argus downgraded shares of Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.89.

Newmont Trading Up 1.2 %

NYSE:NEM opened at $39.02 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. Newmont has a 52 week low of $29.42 and a 52 week high of $50.18. The firm’s fifty day moving average is $34.82 and its 200-day moving average is $36.85. The firm has a market cap of $44.98 billion, a P/E ratio of -16.39, a P/E/G ratio of 1.03 and a beta of 0.50.

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

Newmont Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date was Monday, March 4th. Newmont’s dividend payout ratio is currently -42.02%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Parkside Financial Bank & Trust raised its stake in shares of Newmont by 25.8% during the first quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock worth $108,000 after acquiring an additional 278 shares in the last quarter. Grey Street Capital LLC grew its holdings in shares of Newmont by 0.4% in the fourth quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company’s stock worth $2,892,000 after purchasing an additional 289 shares during the last quarter. Moody National Bank Trust Division grew its holdings in shares of Newmont by 1.7% in the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after purchasing an additional 296 shares during the last quarter. Reitz Capital Advisors LLC grew its holdings in shares of Newmont by 1.1% in the fourth quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company’s stock worth $1,166,000 after purchasing an additional 298 shares during the last quarter. Finally, Antonetti Capital Management LLC lifted its position 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 during the period. 68.85% of the stock is owned by hedge funds and other 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.