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Here's Why Newmont Corporation (NEM) Gained But Lagged the Market Today
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In the latest market close, Newmont Corporation (NEM - Free Report) reached $53.39, with a +0.39% movement compared to the previous day. This move lagged the S&P 500's daily gain of 1.01%. Elsewhere, the Dow saw an upswing of 0.55%, while the tech-heavy Nasdaq appreciated by 1.13%.
Shares of the gold and copper miner have appreciated by 7.33% over the course of the past month, outperforming the Basic Materials sector's gain of 0.78% and the S&P 500's gain of 2.5%.
Investors will be eagerly watching for the performance of Newmont Corporation in its upcoming earnings disclosure. On that day, Newmont Corporation is projected to report earnings of $0.71 per share, which would represent year-over-year growth of 97.22%. Meanwhile, our latest consensus estimate is calling for revenue of $4.07 billion, up 63.44% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.82 per share and a revenue of $17.39 billion, signifying shifts of +75.16% and +47.26%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Newmont Corporation. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.3% higher. As of now, Newmont Corporation holds a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Newmont Corporation is presently being traded at a Forward P/E ratio of 18.86. This signifies a premium in comparison to the average Forward P/E of 17.22 for its industry.
It's also important to note that NEM currently trades at a PEG ratio of 0.39. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Mining - Gold was holding an average PEG ratio of 0.8 at yesterday's closing price.
The Mining - Gold industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 144, placing it within the bottom 44% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Here's Why Newmont Corporation (NEM) Gained But Lagged the Market Today
In the latest market close, Newmont Corporation (NEM - Free Report) reached $53.39, with a +0.39% movement compared to the previous day. This move lagged the S&P 500's daily gain of 1.01%. Elsewhere, the Dow saw an upswing of 0.55%, while the tech-heavy Nasdaq appreciated by 1.13%.
Shares of the gold and copper miner have appreciated by 7.33% over the course of the past month, outperforming the Basic Materials sector's gain of 0.78% and the S&P 500's gain of 2.5%.
Investors will be eagerly watching for the performance of Newmont Corporation in its upcoming earnings disclosure. On that day, Newmont Corporation is projected to report earnings of $0.71 per share, which would represent year-over-year growth of 97.22%. Meanwhile, our latest consensus estimate is calling for revenue of $4.07 billion, up 63.44% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.82 per share and a revenue of $17.39 billion, signifying shifts of +75.16% and +47.26%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Newmont Corporation. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.3% higher. As of now, Newmont Corporation holds a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Newmont Corporation is presently being traded at a Forward P/E ratio of 18.86. This signifies a premium in comparison to the average Forward P/E of 17.22 for its industry.
It's also important to note that NEM currently trades at a PEG ratio of 0.39. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Mining - Gold was holding an average PEG ratio of 0.8 at yesterday's closing price.
The Mining - Gold industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 144, placing it within the bottom 44% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.