Why Newmont Corp (NEM) Should Be On Your Radar Moving Forward

The stock of Newmont Corp (NYSE:NEM) last traded at $34.20, unchanged from the previous session.

Data from the available sources indicates that Newmont Corp (NYSE:NEM) is covered by 20 analysts. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $60.00 and a low of $37.38, we find $51.00. Given the previous closing price of $34.20, this indicates a potential upside of 49.12 percent. NEM stock price is now -10.71% away from the 50-day moving average and -20.60% away from the 200-day moving average. The market capitalization of the company currently stands at $39.42B.

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In total, 7 analysts have assigned it a hold rating, and 8 have given it a buy rating. Brokers who have rated the stock have averaged $50.12 as their price target over the next twelve months.

In other news, Palmer Thomas Ronald, President & CEO sold 11,000 shares of the company’s stock on Nov 01. The stock was sold for $413,600 at an average price of $37.60. Upon completion of the transaction, the President & CEO now directly owns 234,039 shares in the company, valued at $8.0 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Nov 01, EVP & COO Atkinson Robert D sold 5,500 shares of the business’s stock. A total of $206,800 was realized by selling the stock at an average price of $37.60. This leaves the insider owning 65,251 shares of the company worth $2.23 million. Insiders disposed of 346,681 shares of company stock worth roughly $11.86 million over the past 1 year. A total of 0.17% of the company’s stock is owned by insiders.

With an opening price of $34.02 on Monday morning, Newmont Corp (NYSE: NEM) set off the trading day. During the past 12 months, Newmont Corp has had a low of $33.58 and a high of $55.41. As of last week, the company has a debt-to-equity ratio of 0.32, a current ratio of 2.12, and a quick ratio of 1.42. The fifty day moving average price for NEM is $38.30 and a two-hundred day moving average price translates $43.07 for the stock.

The latest earnings results from Newmont Corp (NYSE: NEM) was released for Sep, 2023. According to the Gold Company, earnings per share came in at $0.5, missing analysts’ expectations of $0.61 by -0.11. This compares to -$0.01 EPS in the same period last year. The net profit margin was -7.49% and return on equity was -4.16% for NEM. The company reported revenue of $2.49 billion for the quarter, compared to $2.63 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -5.35 percent. For the current quarter, analysts expect NEM to generate $4.95B in revenue.

Newmont Corp(NEM) 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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers. The company was founded in 1916 and is headquartered in Denver, Colorado.

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