Newmont Mining Corporation (NEM), headquartered in Denver, Colorado, is a leading gold mining company in the U.S. With a market cap of $49.37 billion, Newmont plays a crucial role in the global mining industry, producing gold, copper, silver, zinc, and lead. Committed to sustainability and environmental responsibility, Newmont invests in innovative technologies and practices to minimize its environmental impact and ensure the safety and well-being of its employees and communities.
Companies valued at $10 billion or more are generally considered "large-caps," and Newmont Corporation fits this criterion perfectly, signifying its substantial size, stability, and influence in the mining sector. NEM continually advances the mining industry, focusing on responsible mining practices and cutting-edge technologies to extract precious metals while minimizing environmental impact.
NEM shares are trading 6.8% below their 52-week high of $45.92, which they hit on Jul. 14, 2023. NEM has seen a 24.8% gain over the last three months compared to the marginal decline seen in the Dow Jones Industrial Average Index ($DOWI) during the same period.
In the long term, NEM is up 3.4% on a YTD basis. However, the shares have declined marginally over the past 52 weeks. In comparison, the Dow is up 3.8% in 2024 and 14.9% over the past year.
To confirm the recent bullish price trend, NEM has been trading above its 200-day moving average since late April. However, it has been trading below its 50-day moving average recently.
NEM shares surged by 12.5% following the release of its Q1 earnings results on Apr. 25. The company announced an EPS of $0.55, which exceeded Wall Street's forecasts of $0.35 by 57.1%.
Highlighting the contrast in performance, one of NEM's industry participants, Freeport-McMoRan Inc. (FCX), has outperformed both NEM and DOWI, with a 16% gain on a YTD basis.
Given its recent outperformance compared to DOWI, analysts are moderately optimistic about NEM's prospects. The stock has a consensus rating of "Moderate Buy" from 15 analysts in coverage. The mean price target of $48.31 reflects a 12.8% premium over current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
