#1 - Newmont (NYSE:NEM)
Leading off this list of gold stock is Newmont Corp. (NYSE: NEM). This is one of the largest gold miners by market capitalization and it has 96 million ounces of gold reserves. Newmont also has an investment grade balance sheet with a liquidity buffer of $7.3 billion. And the company has returned over $6.7 billion to shareholders since its acquisition of Goldcorp in 2019.
Newmont did show a decline in earnings in 2022 but is expected to post average earnings growth of approximately 10% in the next five years. That would go a long way to supporting the company’s dividend that currently pays a yield of 3.3%. A contributing factor will be the company’s free cash flow (FCF). Newmont’s FCF came in around $1.1 billion in 2022 but could easily be around $2 billion as gold prices hover around $2,000 an ounce.
Analysts tracked by MarketBeat give NEM stock a Moderate Buy rating with a price target of $62.80 which would be a 29% increase from the stock’s price as of the market close on March 29, 2023.
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
- $43.05
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 7 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $54.85 (27.4% Upside)
