Scotiabank Has Positive Outlook for Newmont FY2024 Earnings

Newmont Co. (TSE:NGT) – Research analysts at Scotiabank lifted their FY2024 EPS estimates for shares of Newmont in a report issued on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now forecasts that the company will earn $4.70 per share for the year, up from their prior estimate of $4.00. Scotiabank has a “Hold” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $5.51 per share. Scotiabank also issued estimates for Newmont’s FY2025 earnings at $4.85 EPS and FY2026 earnings at $4.59 EPS.

Newmont (TSE:NGT) last released its quarterly earnings data on Wednesday, October 23rd. The company reported C$1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.07 by C$0.04. The company had revenue of C$6.28 billion during the quarter, compared to analyst estimates of C$5.79 billion. Newmont had a negative net margin of 13.29% and a negative return on equity of 8.09%.

NGT has been the subject of several other research reports. Citigroup decreased their target price on Newmont from C$66.00 to C$45.00 and set a “buy” rating for the company in a research report on Monday, December 23rd. CLSA upgraded Newmont to a “hold” rating in a report on Friday, November 29th. UBS Group lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of C$56.50.

Newmont Stock Up 2.3 %

Shares of TSE NGT opened at C$57.74 on Monday. The stock has a fifty day moving average price of C$57.62 and a 200 day moving average price of C$64.85. The company has a current ratio of 2.11, a quick ratio of 1.77 and a debt-to-equity ratio of 31.20. Newmont has a 12-month low of C$39.96 and a 12-month high of C$81.16. The company has a market cap of C$66.40 billion, a P/E ratio of -15.23, a P/E/G ratio of 1.43 and a beta of 0.51.

Newmont Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th were given a $0.338 dividend. This represents a $1.35 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend was Wednesday, November 27th. Newmont’s payout ratio is -35.62%.

Newmont Company Profile

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.