#6 - Newmont Corporation (NYSE:NEM)
Gold is a polarizing asset class for many investors. But there are times when there's no denying its investment value. 2024 is setting up to be one of those times. Central banks all over the world have been actively buying gold. The U.S. government is running an unprecedented deficit that continues to devalue the U.S. dollar. And geopolitical tensions are causing many investors to focus on preserving the value of their hard-earned wealth. All of those are bullish arguments for owning gold.
One way to invest in gold without holding the physical metal is to buy shares of one or more mining stocks. And one of the best for you to consider in 2024 is Newmont Corporation (NYSE: NEM).
Shares of NEM stock fell more than 20% in 2023 but have started to climb along with other gold-related investments in 2024. The company is projecting earnings growth of over 44% in 2024, and the Newmont Corporation analyst rating on MarketBeat gives the stock price a 39% upside from its January 8, 2024 level. And like many mining stocks, you get a dividend that, in the case of Newmont Corporation, pays a dividend with a 4% yield.
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.
Read More - Current Price
- $53.52
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 12 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $52.62 (1.7% Downside)
