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Newmont Corporation (NEM) Gains As Market Dips: What You Should Know
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Newmont Corporation (NEM - Free Report) closed at $52.47 in the latest trading session, marking a +1.82% move from the prior day. This change outpaced the S&P 500's 0.76% loss on the day. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 10.92%.
Prior to today's trading, shares of the gold and copper miner had gained 8.9% over the past month. This has outpaced the Basic Materials sector's gain of 7.22% and the S&P 500's gain of 2.18% in that time.
Investors will be hoping for strength from Newmont Corporation as it approaches its next earnings release, which is expected to be February 23, 2023. On that day, Newmont Corporation is projected to report earnings of $0.31 per share, which would represent a year-over-year decline of 60.26%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.92 billion, down 13.77% from the year-ago period.
Any recent changes to analyst estimates for Newmont Corporation should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Within the past 30 days, our consensus EPS projection has moved 2.35% lower. Newmont Corporation is currently a Zacks Rank #3 (Hold).
Investors should also note Newmont Corporation's current valuation metrics, including its Forward P/E ratio of 22.92. Its industry sports an average Forward P/E of 11.44, so we one might conclude that Newmont Corporation is trading at a premium comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 58, putting it in the top 24% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Newmont Corporation (NEM) Gains As Market Dips: What You Should Know
Newmont Corporation (NEM - Free Report) closed at $52.47 in the latest trading session, marking a +1.82% move from the prior day. This change outpaced the S&P 500's 0.76% loss on the day. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 10.92%.
Prior to today's trading, shares of the gold and copper miner had gained 8.9% over the past month. This has outpaced the Basic Materials sector's gain of 7.22% and the S&P 500's gain of 2.18% in that time.
Investors will be hoping for strength from Newmont Corporation as it approaches its next earnings release, which is expected to be February 23, 2023. On that day, Newmont Corporation is projected to report earnings of $0.31 per share, which would represent a year-over-year decline of 60.26%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.92 billion, down 13.77% from the year-ago period.
Any recent changes to analyst estimates for Newmont Corporation should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Within the past 30 days, our consensus EPS projection has moved 2.35% lower. Newmont Corporation is currently a Zacks Rank #3 (Hold).
Investors should also note Newmont Corporation's current valuation metrics, including its Forward P/E ratio of 22.92. Its industry sports an average Forward P/E of 11.44, so we one might conclude that Newmont Corporation is trading at a premium comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 58, putting it in the top 24% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.