Yahoo Finance Newmont Corporation (NEM) Stock Moves -0.76%: What You Should Know
Newmont Corporation (NEM) closed at $48.35 in the latest trading session, marking a -0.76% move from the prior day. This change was narrower than the S&P 500's 1.11% loss on the day. At the same time, the Dow lost 0.61%, and the tech-heavy Nasdaq lost 2.13%.
Coming into today, shares of the gold and copper miner had lost 8.33% in the past month. In that same time, the Basic Materials sector gained 4.33%, while the S&P 500 gained 7%.
Wall Street will be looking for positivity from Newmont Corporation as it approaches its next earnings report date. This is expected to be February 23, 2023. The company is expected to report EPS of $0.41, down 47.44% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $2.92 billion, down 13.85% from the year-ago period.
Any recent changes to analyst estimates for Newmont Corporation should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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. Over the past month, the Zacks Consensus EPS estimate has moved 2.76% higher. Newmont Corporation is holding a Zacks Rank of #2 (Buy) right now.
Looking at its valuation, Newmont Corporation is holding a Forward P/E ratio of 20.59. Its industry sports an average Forward P/E of 10.47, 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 70, putting it in the top 28% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow NEM in the coming trading sessions, be sure to utilize Zacks.com.
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Newmont Corporation (NEM) : Free Stock Analysis Report
