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Newmont Corporation (NEM) Outpaces Stock Market Gains: What You Should Know

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Newmont Corporation (NEM - Free Report) closed the most recent trading day at $54.35, moving +1.78% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.4%. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 1.1%.

Coming into today, shares of the gold and copper miner had gained 17.18% in the past month. In that same time, the Basic Materials sector gained 5.7%, while the S&P 500 lost 0.01%.

Wall Street will be looking for positivity from Newmont Corporation as it approaches its next earnings report date. This is expected to be February 23, 2023. In that report, analysts expect Newmont Corporation to post earnings of $0.35 per share. This would mark a year-over-year decline of 55.13%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.92 billion, down 13.77% from the year-ago period.

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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.

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 remained stagnant. Newmont Corporation is currently sporting a Zacks Rank of #3 (Hold).

Investors should also note Newmont Corporation's current valuation metrics, including its Forward P/E ratio of 23.2. Its industry sports an average Forward P/E of 11.89, 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 70, putting it in the top 28% 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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