Streetbeat News

NEM

Newmont Corporation

https://www.newmont.com

Industry

Gold

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers. The company was founded in 1916 and is headquartered in Denver, Colorado.

Open

44.96

Mkt cap

51B

Volume

7.6M

High

45.27

P/E Ratio

-20.57

52-wk high

58.72

Low

44.55

Div yield

0.03

52-wk low

29.42

Last week's top-performing large-cap stocks included Vertiv Holdings Co, Tesla, Inc., Teradyne, Inc., BeiGene, Ltd., Tyler Technologies, Inc., Westinghouse Air Brake Technologies Corporation, Newmont Corporation, Carrier Global Corporation, First Citizens BancShares, Inc., Lattice Semiconductor Corporation, Microchip Technology Incorporated, Deutsche Bank AG, Grupo Aeroportuario Del Sureste, S.A. De C.V., Antero Resources Corporation, and Monolithic Power Systems, Inc. These companies reported significant gains due to various factors such as better-than-expected earnings, guidance raises, regulatory approvals, and strategic workforce reductions.

Portfolio Pulse from Lekha Gupta

April 28, 2024 | 10:18 pm

Recent analyst ratings for Newmont (NYSE:NEM) show a mix of perspectives, with a total of 5 analysts offering their views. The ratings range from bullish to indifferent, with no bearish outlooks. Over the last 30 days, there has been a shift towards a more cautious stance compared to previous months. Analysts have adjusted their 12-month price targets for Newmont, resulting in an average target of $46.5, down 8.82% from the previous average. Notable actions include adjustments by analysts from TD Securities, Citigroup, Scotiabank, BMO Capital, and RBC Capital, with changes in ratings and price targets reflecting varying expectations for the company's performance. Newmont, the world's largest gold miner, has recently acquired Newcrest and is expected to sell some higher cost mines. Despite a positive revenue trend, Newmont faces challenges with its net margin, ROE, ROA, and a high debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

April 26, 2024 | 7:01 pm

TD Securities analyst Greg Barnes maintains a Hold rating on Newmont (NYSE:NEM) and raises the price target from $43 to $48.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 3:35 pm

Reliance, Newmont, BHP, and Kaiser Aluminum reported their Q1 2024 financial results. Reliance saw a 10.3% increase in tons sold and raised its dividend by 10%. Newmont produced 2.2 million gold equivalent ounces and declared a 25 cents per share dividend. BHP proposed a £27 billion acquisition of Anglo American, aiming to become the world's top copper producer. Kaiser Aluminum reported net sales of $738 million and an adjusted EBITDA of $62 million, maintaining its full-year outlook.

Portfolio Pulse from austin@walkonholdings.com

April 26, 2024 | 1:27 pm

BHP Group's nearly $40 billion bid for Anglo American may spark a bidding war for the copper-rich company, as demand for copper surges with the global shift towards clean energy. BHP's offer, seen as low by analysts, could lead to higher bids from rivals like Glencore, Vale, and Rio Tinto. The deal highlights the increasing value of copper assets amid a global scramble for resources essential to the clean energy transition.

Portfolio Pulse from Matt Whittaker

April 25, 2024 | 9:53 pm

Newmont Corp. (NYSE:NEM) shares surged 13% after reporting Q1 2024 earnings that exceeded expectations, with a 38% increase in EPS and a 50% rise in revenue from the previous year. This performance sparked a rally in the gold mining sector, with the VanEck Gold Miners ETF (NYSE:GDX) and the VanEck Junior Gold Miners ETF (NYSE:GDXJ) also seeing gains. Other gold miners like Buenaventura Mining Company Inc. (NYSE:BVN), DRDGOLD Limited (NYSE:DRD), and AngloGold Ashanti plc (NYSE:AU) among others, reported significant one-day market gains.

Portfolio Pulse from Piero Cingari

April 25, 2024 | 6:38 pm

Wall Street faced a downturn due to Meta Platforms Inc.'s weak revenue forecast and concerns of U.S. stagflation, with the S&P 500, Nasdaq 100, and Dow Jones all declining. Gold miners like Newmont Corp. saw gains, while major companies reported mixed earnings results, impacting their stock prices.

Portfolio Pulse from Piero Cingari

April 25, 2024 | 5:30 pm

Newmont Corporation (NYSE:NEM) shares surged after reporting first-quarter FY24 results with revenue of $4.023 billion, surpassing the consensus of $3.670 billion. Gold production decreased by 4% Y/Y to 1.675 million ounces, with a noted decline in output at Tanami due to planned mill shutdown and seasonal rainfall, as well as ongoing stripping campaigns at Boddington and Akyem. Adjusted EBITDA increased by 23% Q/Q to $1.694 billion, and adjusted EPS was $0.55, beating the consensus of $0.36. The company declared a dividend of $0.25 for Q1 FY24 and reaffirmed its FY24 gold production outlook of around 6.9 million ounces with an AISC of $1,400 per ounce. Newmont also expects to spend $1.7 billion-$1.8 billion on Tanami Expansion 2, with commercial production expected in the second half of 2027, and is on track to deliver $500 million in synergies from the Newcrest transaction by the end of 2025. Investors can gain exposure to Newmont through the iShares MSCI Global Gold Miners ETF (NASDAQ:RING) and VanEck Gold Miners ETF (NYSE:GDX).

Portfolio Pulse from Lekha Gupta

April 25, 2024 | 4:38 pm

Newmont Corporation announced in a conference call that its Q2 production and costs are expected to remain consistent with Q1 levels. This update provides investors with insights into the company's operational stability and financial outlook.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 3:11 pm

Newmont Corporation's shares saw an increase following the announcement of their Q1 2024 earnings, which surpassed analysts' expectations in terms of adjusted EPS and sales.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 1:05 pm

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