Newmont (TSE:NGT) Announces Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Newmont (TSE:NGT) posted its quarterly earnings results on Wednesday. The company reported C$1.11 earnings per share for the quarter, beating the consensus estimate of C$1.07 by C$0.04, reports. The firm had revenue of C$6.28 billion for the quarter, compared to analyst estimates of C$5.79 billion. Newmont had a negative return on equity of 8.09% and a negative net margin of 13.29%.

Newmont Price Performance

Shares of TSE:NGT opened at C$67.33 on Friday. The business has a 50 day moving average price of C$72.67 and a 200 day moving average price of C$64.02. Newmont has a twelve month low of C$39.96 and a twelve month high of C$81.16. The company has a market cap of C$77.43 billion, a price-to-earnings ratio of -17.77, a PEG ratio of 1.43 and a beta of 0.51. The company has a quick ratio of 1.77, a current ratio of 2.11 and a debt-to-equity ratio of 31.20.

Newmont Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a dividend of $0.338 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.35 annualized dividend and a yield of 2.01%. Newmont’s payout ratio is -35.62%.

Analyst Upgrades and Downgrades

NGT has been the topic of several research reports. Scotiabank lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, Argus raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 29th. Two investment analysts have rated the stock with a hold rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of C$68.00.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.