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Newmont Corporation (NEM) Outpaces Stock Market Gains: What You Should Know

Zacks Equity Research
·3-min read

Newmont Corporation (NEM) closed at $59.53 in the latest trading session, marking a +1.76% move from the prior day. This move outpaced the S&P 500's daily gain of 0.62%. Elsewhere, the Dow gained 0.55%, while the tech-heavy Nasdaq lost 0.03%.

Coming into today, shares of the gold and copper miner had gained 7.32% in the past month. In that same time, the Basic Materials sector gained 0.31%, while the S&P 500 gained 0.87%.

Investors will be hoping for strength from Newmont Corporation as it approaches its next earnings release. In that report, analysts expect Newmont Corporation to post earnings of $0.76 per share. This would mark a year-over-year decline of 28.3%. Meanwhile, our latest consensus estimate is calling for revenue of $3.31 billion, down 2.13% from the prior-year quarter.

NEM's full-year Zacks Consensus Estimates are calling for earnings of $2.94 per share and revenue of $12.16 billion. These results would represent year-over-year changes of +10.53% and +5.81%, respectively.

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Investors should also note any recent changes to analyst estimates for Newmont Corporation. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.46% lower. Newmont Corporation currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Newmont Corporation is currently trading at a Forward P/E ratio of 20.22. This represents a premium compared to its industry's average Forward P/E of 10.75.

The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 201, putting it in the bottom 21% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow NEM in the coming trading sessions, be sure to utilize Zacks.com.


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