Scotiabank Has Optimistic Outlook of Newmont FY2024 Earnings

Newmont Co. (TSE:NGT) – Analysts at Scotiabank raised their FY2024 earnings per share (EPS) estimates for shares of Newmont in a note issued to investors on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now expects that the company will post earnings of $4.70 per share for the year, up from their prior estimate of $4.00. Scotiabank has a “Hold” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $5.51 per share. Scotiabank also issued estimates for Newmont’s FY2025 earnings at $4.85 EPS and FY2026 earnings at $4.59 EPS.

Several other research analysts have also recently weighed in on the stock. Citigroup dropped their price target on shares of Newmont from C$66.00 to C$45.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. UBS Group lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, CLSA raised Newmont to a “hold” rating in a research note on Friday, November 29th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of C$56.50.

Newmont Trading Up 0.0 %

Newmont stock opened at C$56.42 on Monday. The business has a 50-day simple moving average of C$57.72 and a two-hundred day simple moving average of C$64.85. Newmont has a 52-week low of C$39.96 and a 52-week high of C$81.16. The company has a quick ratio of 1.77, a current ratio of 2.11 and a debt-to-equity ratio of 31.20. The company has a market cap of C$64.88 billion, a P/E ratio of -14.89, a P/E/G ratio of 1.43 and a beta of 0.51.

Newmont (TSE:NGT) last posted its earnings results on Wednesday, October 23rd. The company reported C$1.11 EPS for the quarter, topping analysts’ consensus estimates of C$1.07 by C$0.04. The business had revenue of C$6.28 billion during the quarter, compared to the consensus estimate of C$5.79 billion. Newmont had a negative net margin of 13.29% and a negative return on equity of 8.09%.

Newmont Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th were paid a $0.338 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Wednesday, November 27th. Newmont’s payout ratio is -35.62%.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.