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Why Newmont Corporation (NEM) Outpaced the Stock Market Today
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The most recent trading session ended with Newmont Corporation (NEM - Free Report) standing at $47.52, reflecting a +0.74% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a gain of 0.55% for the day. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.63%.
Heading into today, shares of the gold and copper miner had gained 16.3% over the past month, outpacing the Basic Materials sector's loss of 0.79% and the S&P 500's gain of 4.28% in that time.
The investment community will be paying close attention to the earnings performance of Newmont Corporation in its upcoming release. The company is slated to reveal its earnings on July 24, 2024. On that day, Newmont Corporation is projected to report earnings of $0.53 per share, which would represent year-over-year growth of 60.61%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.49 billion, up 29.96% from the year-ago period.
NEM's full-year Zacks Consensus Estimates are calling for earnings of $2.48 per share and revenue of $16.03 billion. These results would represent year-over-year changes of +54.04% and +35.69%, respectively.
It is also important to note the recent changes to analyst estimates for Newmont Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 2.48% higher within the past month. Currently, Newmont Corporation is carrying a Zacks Rank of #3 (Hold).
With respect to valuation, Newmont Corporation is currently being traded at a Forward P/E ratio of 19.02. This expresses a premium compared to the average Forward P/E of 15.31 of its industry.
Also, we should mention that NEM has a PEG ratio of 0.4. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Miscellaneous was holding an average PEG ratio of 2.69 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 181, which puts it in the bottom 29% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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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Why Newmont Corporation (NEM) Outpaced the Stock Market Today
The most recent trading session ended with Newmont Corporation (NEM - Free Report) standing at $47.52, reflecting a +0.74% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a gain of 0.55% for the day. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.63%.
Heading into today, shares of the gold and copper miner had gained 16.3% over the past month, outpacing the Basic Materials sector's loss of 0.79% and the S&P 500's gain of 4.28% in that time.
The investment community will be paying close attention to the earnings performance of Newmont Corporation in its upcoming release. The company is slated to reveal its earnings on July 24, 2024. On that day, Newmont Corporation is projected to report earnings of $0.53 per share, which would represent year-over-year growth of 60.61%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.49 billion, up 29.96% from the year-ago period.
NEM's full-year Zacks Consensus Estimates are calling for earnings of $2.48 per share and revenue of $16.03 billion. These results would represent year-over-year changes of +54.04% and +35.69%, respectively.
It is also important to note the recent changes to analyst estimates for Newmont Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 2.48% higher within the past month. Currently, Newmont Corporation is carrying a Zacks Rank of #3 (Hold).
With respect to valuation, Newmont Corporation is currently being traded at a Forward P/E ratio of 19.02. This expresses a premium compared to the average Forward P/E of 15.31 of its industry.
Also, we should mention that NEM has a PEG ratio of 0.4. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Miscellaneous was holding an average PEG ratio of 2.69 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 181, which puts it in the bottom 29% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.