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Newmont Corporation (NEM) Dips More Than Broader Markets: What You Should Know
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Newmont Corporation (NEM - Free Report) closed at $47.20 in the latest trading session, marking a -0.34% move from the prior day. This change lagged the S&P 500's 0.25% loss on the day. At the same time, the Dow lost 0.22%, and the tech-heavy Nasdaq gained 5.91%.
Prior to today's trading, shares of the gold and copper miner had lost 2.49% over the past month. This has lagged the Basic Materials sector's loss of 1.02% and was narrower than the S&P 500's loss of 2.59% in that time.
Newmont Corporation will be looking to display strength as it nears its next earnings release, which is expected to be February 23, 2023. On that day, Newmont Corporation is projected to report earnings of $0.35 per share, which would represent a year-over-year decline of 55.13%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.92 billion, down 13.79% from the year-ago period.
NEM's full-year Zacks Consensus Estimates are calling for earnings of $1.79 per share and revenue of $11.75 billion. These results would represent year-over-year changes of -39.53% and -3.85%, respectively.
Investors might also notice recent changes to analyst estimates for Newmont Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for 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. The Zacks Consensus EPS estimate has moved 5.88% lower within the past month. Newmont Corporation is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Newmont Corporation is currently trading at a Forward P/E ratio of 26.49. This represents a premium compared to its industry's average Forward P/E of 10.47.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 94, which puts it in the top 38% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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Newmont Corporation (NEM) Dips More Than Broader Markets: What You Should Know
Newmont Corporation (NEM - Free Report) closed at $47.20 in the latest trading session, marking a -0.34% move from the prior day. This change lagged the S&P 500's 0.25% loss on the day. At the same time, the Dow lost 0.22%, and the tech-heavy Nasdaq gained 5.91%.
Prior to today's trading, shares of the gold and copper miner had lost 2.49% over the past month. This has lagged the Basic Materials sector's loss of 1.02% and was narrower than the S&P 500's loss of 2.59% in that time.
Newmont Corporation will be looking to display strength as it nears its next earnings release, which is expected to be February 23, 2023. On that day, Newmont Corporation is projected to report earnings of $0.35 per share, which would represent a year-over-year decline of 55.13%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.92 billion, down 13.79% from the year-ago period.
NEM's full-year Zacks Consensus Estimates are calling for earnings of $1.79 per share and revenue of $11.75 billion. These results would represent year-over-year changes of -39.53% and -3.85%, respectively.
Investors might also notice recent changes to analyst estimates for Newmont Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for 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. The Zacks Consensus EPS estimate has moved 5.88% lower within the past month. Newmont Corporation is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Newmont Corporation is currently trading at a Forward P/E ratio of 26.49. This represents a premium compared to its industry's average Forward P/E of 10.47.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 94, which puts it in the top 38% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.