In the latest trading session, Newmont Corporation (NEM) closed at $41.76, marking a -1.02% move from the previous day. This change was narrower than the S&P 500's daily loss of 2.11%. Elsewhere, the Dow lost 1.54%, while the tech-heavy Nasdaq lost 0.3%.
Heading into today, shares of the gold and copper miner had gained 2.01% over the past month, outpacing the Basic Materials sector's loss of 10.54% and the S&P 500's loss of 8.19% in that time.
Newmont Corporation will be looking to display strength as it nears its next earnings release. On that day, Newmont Corporation is projected to report earnings of $0.65 per share, which would represent year-over-year growth of 8.33%. Meanwhile, our latest consensus estimate is calling for revenue of $3.16 billion, up 9.31% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.57 per share and revenue of $12.43 billion, which would represent changes of -13.18% and +1.69%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Newmont Corporation. These revisions help to show the ever-changing nature 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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. The Zacks Consensus EPS estimate has moved 1.6% 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 16.43. Its industry sports an average Forward P/E of 7.57, 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 industry currently has a Zacks Industry Rank of 135, which puts it in the bottom 47% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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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