Sat Nov 30 23:44:25 UTC 2024: **Newmont’s Earnings Estimates Lowered by Raymond James; Analyst Ratings Mixed**
**Toronto, Canada – December 6, 2024** – Newmont Corporation (TSE:NGT), a leading gold producer, saw its 2024 earnings per share (EPS) estimates revised downward by Raymond James. Analyst B. Macarthur lowered the forecast from $4.11 to $4.08, significantly below the current consensus estimate of $5.51. Raymond James also provided EPS estimates for subsequent quarters and the full year 2025.
The downward revision comes amidst a mixed bag of analyst ratings. While Raymond James lowered its projections, Argus recently upgraded Newmont to a “strong-buy,” contrasting with downgrades from UBS Group, CIBC World Markets, and Scotiabank, all shifting their ratings to “hold.” Currently, four analysts rate Newmont a “hold,” and two rate it a “strong-buy,” resulting in a Moderate Buy rating on MarketBeat.com, with an average target price of C$68.00.
Despite the lowered projections, Newmont’s stock price saw a slight increase on Tuesday, closing at C$59.34. The company recently reported Q3 2024 EPS of C$1.11, exceeding expectations, and announced a quarterly dividend of $0.338 per share. However, the company also reported a negative return on equity and net margin.
Newmont operates globally, with assets in North and South America, Australia, and other regions. While it holds a Moderate Buy rating, MarketBeat highlights other stocks deemed more promising by top analysts. Investors are advised to conduct thorough research before making investment decisions.
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