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Denver, Colorado-headquartered Newmont Corporation (NEM) produces and explores gold, copper, zinc, lead, and silver. Valued at $47.3 billion by market cap, the company boasts a portfolio of assets, opportunities, and a talented workforce in key mining regions across Africa, Australia, Latin America & the Caribbean, North America, and Papua New Guinea.
The world’s leading gold company is set to announce its fourth-quarter results after the market closes on Thursday, Feb. 20. Ahead of the event, analysts expect NEM to report a profit of $0.94 per share, up a staggering 88% from $0.50 per share in the year-ago quarter. While the company beat Wall Street’s bottom-line projections twice over the past four quarters, it missed the forecasts on two other occasions.
For the full fiscal 2024, analysts expect NEM to report EPS of $3.07, up a massive 90.7% from $1.61 in fiscal 2023. Meanwhile, its EPS is expected to increase 13.4% year-over-year to $3.48 in fiscal 2025.
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NEM stock has underperformed the S&P 500 Index’s ($SPX) 22.6% gains over the past 52 weeks, with shares up 20.6% during this period. However, it outperformed the Materials Select Sector SPDR Fund’s (XLB) 7.7% gains over the same time frame.
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Newmont's stock prices plummeted over 14% in the trading session after the release of its mixed Q3 results on Oct. 23. While the company sales surged 84.7% year-over-year to $4.6 billion, its adjusted EPS of $0.81 missed analysts' bottom-line expectations. The company observed a steep rise in mining costs in Australia, Canada, Peru and Papua New Guinea which impacted its margins. However, its adjusted net income of $936 million for the quarter is still up by a staggering 227.3% compared to the year-ago quarter.
Analysts’ consensus opinion on NEM stock is moderately bullish, with an overall “Moderate Buy” rating. Out of 18 analysts covering the stock, nine advise a “Strong Buy” rating, one suggests a “Moderate Buy,” and eight give a “Hold.” NEM’s mean price target of $53.92 indicates a 30.6% potential upside from the current levels.
On the date of publication, Aditya Sarawgi 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.