Newmont (TSE:NGT) Reaches New 1-Year High – Here’s What Happened

Newmont Co. (TSE:NGT) shares hit a new 52-week high during trading on Monday . The stock traded as high as C$80.91 and last traded at C$80.60, with a volume of 13800 shares changing hands. The stock had previously closed at C$79.54.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NGT shares. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Scotiabank upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, August 19th. Finally, Argus raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a hold rating and five have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus price target of C$68.00.

Newmont Stock Performance

The firm’s 50 day simple moving average is C$71.90 and its 200-day simple moving average is C$63.39. The company has a market cap of C$92.60 billion, a price-to-earnings ratio of -20.99, a PEG ratio of 1.43 and a beta of 0.51. The company has a debt-to-equity ratio of 31.20, a quick ratio of 1.77 and a current ratio of 2.11.

Newmont (TSE:NGT) last posted its quarterly earnings results on Wednesday, July 24th. The company reported C$0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.72 by C$0.27. Newmont had a negative return on equity of 8.09% and a negative net margin of 13.29%. The business had revenue of C$6.02 billion during the quarter, compared to analyst estimates of C$4.79 billion. On average, sell-side analysts predict that Newmont Co. will post 5.509887 EPS for the current year.

Newmont Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 5th were issued a dividend of $0.342 per share. This represents a $1.37 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend was Thursday, September 5th. This is a positive change from Newmont’s previous quarterly dividend of $0.34. Newmont’s payout ratio is currently -35.62%.

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.