Newmont (TSE:NGT) Receives Upgrade to Hold by CLSA

Newmont (TSE:NGT – Get Free Report) has recently been upgraded by analysts at CLSA to a 'hold' rating in a note sent to investors. This change comes amid a series of reports from different analysts over the last few months.

On October 25th, Scotiabank revised its stance on Newmont, lowering the stock from a 'strong-buy' rating to a 'hold' rating. Earlier, on August 29th, Argus upgraded Newmont from a 'hold' to a 'strong-buy' rating, showcasing varying opinions on the stock's performance. Additionally, UBS Group downgraded Newmont from a 'strong-buy' to a 'hold' on October 30th, followed by a similar downgrade by CIBC World Markets on October 28th. Currently, five analysts have assigned a 'hold' rating while two recommend it as a 'strong buy.' According to MarketBeat.com data, Newmont holds an average rating of 'Moderate Buy' with a price target of approximately C$68.00.

Newmont Stock Overview

On December 1st, Newmont's stock opened at C$58.91. The company has experienced fluctuations with a 52-week low of C$39.96 and a peak of C$81.16. Its recent moving averages include a 50-day simple moving average of C$68.01 and a 200-day average of C$65.07. Newmont's financial health indicators show a debt-to-equity ratio of 31.20, a quick ratio of 1.77, and a current ratio of 2.11. It has a market capitalization nearing C$67.75 billion, with a PE ratio of -15.54 and a price-to-earnings-growth ratio of 1.43.

Recent Earnings and Financial Results

Newmont last reported its quarterly earnings data on October 23rd, indicating earnings per share (EPS) of C$1.11, which surpassed analysts' expectations of C$1.07. Despite this positive earnings report, the company recorded a negative net margin of 13.29% and a negative return on equity of 8.09%. The revenue for that quarter stood at C$6.28 billion, exceeding the anticipated C$5.79 billion. Analysts forecast that Newmont will achieve an EPS of approximately 5.51 for the current fiscal year.

About Newmont Corporation

Newmont Corporation is engaged in gold production and exploration and also explores for materials such as copper, silver, zinc, and lead. The company operates in multiple locations globally, including the United States, Canada, Mexico, Peru, and Australia among others.

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