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Newmont Corporation (NEM) closed at $58.19 in the latest trading session, marking a +0.43% move from the prior day. This change outpaced the S&P 500's 0.45% loss on the day. At the same time, the Dow lost 0.67%, and the tech-heavy Nasdaq lost 0.05%.
Prior to today's trading, shares of the gold and copper miner had lost 8.16% over the past month. This has was narrower than the Basic Materials sector's loss of 22.59% and lagged the S&P 500's loss of 1.89% in that time.
Newmont Corporation will be looking to display strength as it nears its next earnings release. In that report, analysts expect Newmont Corporation to post earnings of $0.70 per share. This would mark a year-over-year decline of 15.66%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.19 billion, up 4.03% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.27 per share and revenue of $13 billion, which would represent changes of +10.47% and +6.38%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Newmont Corporation. Recent revisions tend to reflect the latest near-term business trends. 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. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 4.81% lower within the past month. Newmont Corporation is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Newmont Corporation is currently trading at a Forward P/E ratio of 17.74. Its industry sports an average Forward P/E of 7.45, 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 194, putting it in the bottom 24% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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