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Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio

Zacks Equity Research
·2-min read

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.

Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

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Newmont Corporation (NEM)

Colorado-based Newmont Corporation is one of the world's largest producers of gold with several active mines in Nevada, Peru, Australia and Ghana. As of Dec 31, 2023, Newmont had gold mineral reserves of more than 135.9 million ounces. Its attributable gold production for 2023 was 5.5 million ounces.

NEM sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of B, and has a VGM Score of B. The stock is up 3.5% and up 0.7% over the past one-week and four-week period, respectively, and Newmont Corporation has gained 1.6% in the last one-year period as well. Additionally, an average of 7,331,425 shares were traded over the last 20 trading sessions.

Momentum investors also pay close attention to a company's earnings. For NEM, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.45 to $2.44 per share for 2024. NEM boasts an average earnings surprise of 6.4%.

Investors should take the time to consider NEM for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.

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Newmont Corporation (NEM) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research