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Newmont Corporation (NEM) Suffers a Larger Drop Than the General Market: Key Insights
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Newmont Corporation (NEM - Free Report) closed at $47.51 in the latest trading session, marking a -1.57% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.78%. Elsewhere, the Dow lost 1.29%, while the tech-heavy Nasdaq lost 0.7%.
The the stock of gold and copper miner has risen by 15.51% in the past month, leading the Basic Materials sector's gain of 1.42% and the S&P 500's gain of 2.14%.
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. The company is expected to report EPS of $0.53, up 60.61% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $3.49 billion, up 29.96% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.64 per share and revenue of $16.51 billion. These totals would mark changes of +63.98% and +39.8%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Newmont Corporation. Such recent modifications usually signify the changing landscape 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 has shifted 8.12% upward. Newmont Corporation currently has a Zacks Rank of #3 (Hold).
In the context of valuation, Newmont Corporation is at present trading with a Forward P/E ratio of 18.27. This indicates a premium in contrast to its industry's Forward P/E of 14.95.
Investors should also note that NEM has a PEG ratio of 0.38 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Miscellaneous industry currently had an average PEG ratio of 2.76 as of yesterday's close.
The Mining - Miscellaneous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 177, placing it within the bottom 30% of over 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Newmont Corporation (NEM) Suffers a Larger Drop Than the General Market: Key Insights
Newmont Corporation (NEM - Free Report) closed at $47.51 in the latest trading session, marking a -1.57% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.78%. Elsewhere, the Dow lost 1.29%, while the tech-heavy Nasdaq lost 0.7%.
The the stock of gold and copper miner has risen by 15.51% in the past month, leading the Basic Materials sector's gain of 1.42% and the S&P 500's gain of 2.14%.
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. The company is expected to report EPS of $0.53, up 60.61% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $3.49 billion, up 29.96% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.64 per share and revenue of $16.51 billion. These totals would mark changes of +63.98% and +39.8%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Newmont Corporation. Such recent modifications usually signify the changing landscape 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 has shifted 8.12% upward. Newmont Corporation currently has a Zacks Rank of #3 (Hold).
In the context of valuation, Newmont Corporation is at present trading with a Forward P/E ratio of 18.27. This indicates a premium in contrast to its industry's Forward P/E of 14.95.
Investors should also note that NEM has a PEG ratio of 0.38 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Miscellaneous industry currently had an average PEG ratio of 2.76 as of yesterday's close.
The Mining - Miscellaneous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 177, placing it within the bottom 30% of over 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.