Scotiabank Downgrades Newmont (TSE:NGT) to Hold

Scotiabank lowered shares of Newmont (TSE:NGT - Free Report) from a strong-buy rating to a hold rating in a research report report published on Friday morning, Zacks.com reports.

A number of other equities analysts have also issued reports on NGT. Cibc World Mkts upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 10th. Argus upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 29th. Two analysts have rated the stock with a hold rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of C$68.00.

Newmont Stock Down 1.3 %

TSE NGT traded down C$0.86 during midday trading on Friday, hitting C$67.33. 628,268 shares of the company traded hands, compared to its average volume of 207,188. The company has a debt-to-equity ratio of 31.20, a current ratio of 2.11 and a quick ratio of 1.77. The company has a market cap of C$77.43 billion, a PE ratio of -17.77, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51. Newmont has a 52 week low of C$39.96 and a 52 week high of C$81.16. The company's 50-day simple moving average is C$72.67 and its 200-day simple moving average is C$64.09.

Newmont (TSE:NGT - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported C$1.11 earnings per share for the quarter, topping analysts' consensus estimates of C$1.07 by C$0.04. The firm had revenue of C$6.28 billion during the quarter, compared to analysts' expectations of C$5.79 billion. Newmont had a negative return on equity of 8.09% and a negative net margin of 13.29%. As a group, equities research analysts forecast that Newmont will post 5.509887 earnings per share for the current year.

Newmont Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a $0.338 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.35 annualized dividend and a dividend yield of 2.01%. Newmont's dividend payout ratio is presently -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.