Newmont Corporation (NEM) Stock Sinks As Market Gains: What You Should Know

Newmont Corporation (NEM) closed the most recent trading day at $54.65, moving -0.29% from the previous trading session. This move lagged the S&P 500's daily gain of 2.76%. At the same time, the Dow added 2.43%, and the tech-heavy Nasdaq gained 0.13%.

Coming into today, shares of the gold and copper miner had lost 14.04% in the past month. In that same time, the Basic Materials sector lost 12.35%, while the S&P 500 gained 4.44%.

Newmont Corporation will be looking to display strength as it nears its next earnings release, which is expected to be July 25, 2022. On that day, Newmont Corporation is projected to report earnings of $0.65 per share, which would represent a year-over-year decline of 21.69%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.19 billion, up 4.03% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.22 per share and revenue of $12.98 billion. These totals would mark changes of +8.78% and +6.19%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Newmont Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

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 moved 6.07% lower. Newmont Corporation currently has a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Newmont Corporation has a Forward P/E ratio of 17 right now. This valuation marks a premium compared to its industry's average Forward P/E of 7.52.

The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 193, which puts it in the bottom 24% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.