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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 the most recent trading day at $44.98, moving -1.08% from the previous trading session. This change lagged the S&P 500's 0.1% loss on the day. At the same time, the Dow added 0.33%, and the tech-heavy Nasdaq lost 5.8%.
Heading into today, shares of the gold and copper miner had gained 6.49% over the past month, outpacing the Basic Materials sector's gain of 3.15% and the S&P 500's gain of 3.39% in that time.
Investors will be hoping for strength from Newmont Corporation as it approaches its next earnings release, which is expected to be July 20, 2023. On that day, Newmont Corporation is projected to report earnings of $0.47 per share, which would represent year-over-year growth of 2.17%. Our most recent consensus estimate is calling for quarterly revenue of $2.87 billion, down 6.15% from the year-ago period.
NEM's full-year Zacks Consensus Estimates are calling for earnings of $2.33 per share and revenue of $12.15 billion. These results would represent year-over-year changes of +25.95% and +1.96%, respectively.
Investors should also note any recent changes to analyst estimates for Newmont Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 6.89% lower. Newmont Corporation is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Newmont Corporation is holding a Forward P/E ratio of 19.55. This represents a premium compared to its industry's average Forward P/E of 9.96.
Also, we should mention that NEM has a PEG ratio of 1.5. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Mining - Miscellaneous was holding an average PEG ratio of 1.5 at yesterday's closing price.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 194, which puts it in the bottom 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Newmont Corporation (NEM) Dips More Than Broader Markets: What You Should Know
Newmont Corporation (NEM - Free Report) closed the most recent trading day at $44.98, moving -1.08% from the previous trading session. This change lagged the S&P 500's 0.1% loss on the day. At the same time, the Dow added 0.33%, and the tech-heavy Nasdaq lost 5.8%.
Heading into today, shares of the gold and copper miner had gained 6.49% over the past month, outpacing the Basic Materials sector's gain of 3.15% and the S&P 500's gain of 3.39% in that time.
Investors will be hoping for strength from Newmont Corporation as it approaches its next earnings release, which is expected to be July 20, 2023. On that day, Newmont Corporation is projected to report earnings of $0.47 per share, which would represent year-over-year growth of 2.17%. Our most recent consensus estimate is calling for quarterly revenue of $2.87 billion, down 6.15% from the year-ago period.
NEM's full-year Zacks Consensus Estimates are calling for earnings of $2.33 per share and revenue of $12.15 billion. These results would represent year-over-year changes of +25.95% and +1.96%, respectively.
Investors should also note any recent changes to analyst estimates for Newmont Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 6.89% lower. Newmont Corporation is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Newmont Corporation is holding a Forward P/E ratio of 19.55. This represents a premium compared to its industry's average Forward P/E of 9.96.
Also, we should mention that NEM has a PEG ratio of 1.5. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Mining - Miscellaneous was holding an average PEG ratio of 1.5 at yesterday's closing price.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 194, which puts it in the bottom 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.