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Newmont Corporation (NEM) Stock Sinks As Market Gains: What You Should Know
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Newmont Corporation (NEM - Free Report) closed the most recent trading day at $52.46, moving -1.3% from the previous trading session. This change lagged the S&P 500's daily gain of 1.29%. Elsewhere, the Dow gained 0.8%, while the tech-heavy Nasdaq added 10.96%.
Coming into today, shares of the gold and copper miner had gained 12.73% in the past month. In that same time, the Basic Materials sector gained 3.45%, while the S&P 500 lost 0.23%.
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 $0.35 per share, which would represent a year-over-year decline of 55.13%. Meanwhile, our latest consensus estimate is calling for revenue of $2.92 billion, down 13.77% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Newmont Corporation. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Newmont Corporation is currently a Zacks Rank #3 (Hold).
Digging into valuation, Newmont Corporation currently has a Forward P/E ratio of 23.09. Its industry sports an average Forward P/E of 11.23, 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 industry currently has a Zacks Industry Rank of 72, which puts it in the top 29% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Newmont Corporation (NEM) Stock Sinks As Market Gains: What You Should Know
Newmont Corporation (NEM - Free Report) closed the most recent trading day at $52.46, moving -1.3% from the previous trading session. This change lagged the S&P 500's daily gain of 1.29%. Elsewhere, the Dow gained 0.8%, while the tech-heavy Nasdaq added 10.96%.
Coming into today, shares of the gold and copper miner had gained 12.73% in the past month. In that same time, the Basic Materials sector gained 3.45%, while the S&P 500 lost 0.23%.
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 $0.35 per share, which would represent a year-over-year decline of 55.13%. Meanwhile, our latest consensus estimate is calling for revenue of $2.92 billion, down 13.77% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Newmont Corporation. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Newmont Corporation is currently a Zacks Rank #3 (Hold).
Digging into valuation, Newmont Corporation currently has a Forward P/E ratio of 23.09. Its industry sports an average Forward P/E of 11.23, 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 industry currently has a Zacks Industry Rank of 72, which puts it in the top 29% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.