Newmont Corporation (NEM) closed at $109.81 in the latest trading session, marking a +1.46% move from the prior day. This move outpaced the S&P 500's daily gain of 0.22%. At the same time, the Dow added 0.72%, and the tech-heavy Nasdaq gained 0.21%.
Prior to today's trading, shares of the gold and copper miner had lost 2.57% lagged the Basic Materials sector's gain of 2.87% and the S&P 500's gain of 6.04%.
Analysts and investors alike will be keeping a close eye on the performance of Newmont Corporation in its upcoming earnings disclosure. The company is forecasted to report an EPS of $2.3, showcasing a 60.84% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $6.19 billion, up 16.38% from the year-ago period.
NEM's full-year Zacks Consensus Estimates are calling for earnings of $9.72 per share and revenue of $27.25 billion. These results would represent year-over-year changes of +41.07% and +20.2%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Newmont Corporation. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.75% upward. Currently, Newmont Corporation is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Newmont Corporation has a Forward P/E ratio of 11.14 right now. This signifies a premium in comparison to the average Forward P/E of 9.54 for its industry.
The Mining - Gold industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 156, placing it within the bottom 37% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow NEM in the coming trading sessions, be sure to utilize Zacks.com.
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This article originally published on Zacks Investment Research (zacks.com).