Newmont Corporation (NEM) Increases Yet Falls Behind Market: What Investors Need to Know
Newmont Corporation (NEM) closed the most recent trading day at $32.12, moving +0.25% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 0.96%. Elsewhere, the Dow saw an upswing of 0.4%, while the tech-heavy Nasdaq appreciated by 1.3%.
Heading into today, shares of the gold and copper miner had lost 11.03% over the past month, lagging the Basic Materials sector's loss of 4.97% and the S&P 500's gain of 3.69% 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 February 22, 2024. On that day, Newmont Corporation is projected to report earnings of $0.50 per share, which would represent year-over-year growth of 13.64%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.17 billion, down 0.89% from the year-ago period.
It's also important for investors to be aware of any recent modifications to analyst estimates for Newmont Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 10.48% decrease. Newmont Corporation is currently a Zacks Rank #5 (Strong Sell).
In terms of valuation, Newmont Corporation is presently being traded at a Forward P/E ratio of 14.66. This signifies a premium in comparison to the average Forward P/E of 11.74 for its industry.
Investors should also note that NEM has a PEG ratio of 2.36 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Mining - Miscellaneous industry had an average PEG ratio of 0.86 as trading concluded yesterday.
The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 150, positioning it in the bottom 41% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Newmont Corporation (NEM) : Free Stock Analysis Report
