#2 - Newmont Gold (NYSE:NEM)
Newmont Corp. (NYSE: NEM) is another of the world’s largest gold miners. NEM stock has been one of the best-performing mining stocks in 2024, up 30%. But that comes with the pressure of expectations. And when the company delivered a slight miss in its quarterly earnings on October 24, 2024, the stock had a sharp, swift drop of over 14%.
But this may turn out to be an overreaction to a report that wasn’t really that bad. Yes, Newmont missed earnings per share expectations by five cents. But the 81 cents per share was still more than double its EPS in the same quarter in 2023. Plus, the company’s free cash flow (FCF) for the quarter came in at $760 million, well above estimates for $584 million.
The company also announced a $2 billion expansion of its share buyback program. This is in addition to the company’s previously announced $1 billion plan, under which the company has already repurchased $750 million shares to date.
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
- $42.97
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 7 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $54.85 (27.6% Upside)
