Scotiabank Has Optimistic Outlook of Newmont FY2024 Earnings

Newmont Co. (TSE:NGT) – Equities researchers at Scotiabank raised their FY2024 earnings estimates for shares of Newmont in a research report issued on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now expects that the company will post earnings per share of $4.70 for the year, up from their previous estimate of $4.00. Scotiabank currently 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 issued its quarterly earnings data on Wednesday, October 23rd. The company reported C$1.11 EPS for the quarter, topping the consensus estimate of C$1.07 by C$0.04. Newmont had a negative net margin of 13.29% and a negative return on equity of 8.09%. The business had revenue of C$6.28 billion during the quarter, compared to analyst estimates of C$5.79 billion.

Several other brokerages have also commented on NGT. Citigroup lowered their price objective 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. Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. CLSA upgraded shares of Newmont to a “hold” rating in a report on Friday, November 29th. Finally, UBS Group lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of C$56.50.

Newmont Trading Down 0.7 %

TSE NGT opened at C$56.40 on Monday. The firm has a market capitalization of C$64.86 billion, a PE ratio of -14.88, a P/E/G ratio of 1.43 and a beta of 0.51. The stock’s 50 day moving average is C$57.86 and its 200 day moving average is C$64.85. Newmont has a twelve month low of C$39.96 and a twelve month high of C$81.16. The company has a quick ratio of 1.77, a current ratio of 2.11 and a debt-to-equity ratio of 31.20.

Newmont Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th were issued a $0.338 dividend. The ex-dividend date was Wednesday, November 27th. This represents a $1.35 annualized dividend and a yield of 2.40%. Newmont’s dividend payout ratio (DPR) is presently -35.62%.

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.