Newmont (NYSE:NEM) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Newmont (NYSE:NEM) released its earnings results on Wednesday. The basic materials company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.62 by $0.10, Briefing.com reports. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business’s revenue was up 64.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.33 EPS.

Newmont Stock Performance

Shares of NEM traded down $2.00 during trading hours on Thursday, reaching $45.70. 12,534,132 shares of the company’s stock traded hands, compared to its average volume of 11,340,813. The firm has a market capitalization of $52.70 billion, a price-to-earnings ratio of -17.12, a P/E/G ratio of 0.37 and a beta of 0.47. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 1.90. Newmont has a twelve month low of $29.42 and a twelve month high of $48.97. The business’s fifty day simple moving average is $43.33 and its two-hundred day simple moving average is $38.73.

Wall Street Analyst Weigh In

Several research firms have recently commented on NEM. BMO Capital Markets increased their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Jefferies Financial Group raised their price objective on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Finally, UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $50.00 in a research note on Monday, June 17th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.00.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.06% of the company’s stock.

Newmont Company Profile

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.