Technicals Say Newmont Corporation (NEM) Is A Hold

0
78

Newmont Corporation (NYSE:NEM) finished Thursday with a subtraction of -$0.01 to close at $47.36, a downside of -0.02 percent. An average of 4,806,220 shares of common stock have been traded in the last five days. There was a gain of $0.04 in the past week, and it reached a new high 20 times over the past 12 months. The last 20 days have seen an average of 6,856,250 shares traded, while the 50-day average volume stands at 7,588,276.

NEM stock has increased by 3.50% in the last month. The company shares reached their 1-month lowest point of $45.25 on 12/16/22. With the stock rallying to its 52-week high on 04/18/22, shares of the company touched a low of $37.45 and a high of $86.37 in 52 weeks. It has reached a new high 21 times so far this year and lost -23.64% or -$14.66 in price. In spite of this, the price is down -45.17% from the 52-week high.


Will You Miss Out On This Growth Stock Boom?

A new megatrend in the fintech market is well underway. Mobile payments are projected to boom into a massive $12 trillion market by 2028. According to Motley Fool this growth stock could "deliver huge returns." Not only in the immediate future but also over the next decade. Especially since the man behind this company is a serial entrepreneur who has been wildly successful over the years.

And this is just one of our 5 Best Growth Stocks To Own For 2023.

Sponsored


Insider Transactions

NEM stock investors should be aware that Newmont Corporation (NEM) stock had its last reported insider trading activity 29 days ago on Dec 01. In this transaction, the insider spent $145,260. President & CEO, Palmer Thomas Ronald, disposed of 11,000 shares at a price of $48.42 on Dec 01. The insider now owns more than $532,620 worth of shares. Prior to that, Acting CTO Casper Mark went on to Sale 4,890 shares at $41.98 each on Nov 02. An amount of $205,282 was transacted.

Valuation Metrics

Newmont Corporation (NEM) has a trailing price-to-earnings (P/E) ratio of 38.88. The stock’s beta is 0.29. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 3.08, the price-to-book (PB) ratio at 1.77.

The company has a payout ratio of 174.20%. The company’s most recent quarterly dividend payment was $0.55 a share, without any change from last year. Its latest increase dividend $0.15 reported on Wednesday February 17 2021.

Financial Health

The quick ratio of Newmont Corporation for the three months ended September 29 was 2.00, and the current ratio was 2.70, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.28 and a total debt to equity ratio of 0.29 for the quarter ending September 29. Its gross profit as reported stood at $6.79 billion compared to revenue of $12.22 billion.

Earnings Surprise

For the three-month period that ended September 29, Newmont Corporation had $755.0 million in cash and short-term investments compared to $5.57 billion in total debt. In the quarter under review, the net income was down than the previous quarter. The company posted a net income of $213.0 million in the quarter, while revenues were grew 98.59%. The analyst consensus anticipated Newmont Corporation’s latest quarter earnings to come in at $0.5 per share, but it turned out to be $0.37, a -26.00% surprise. For the quarter, EBITDA amounted to $803.0 million. Shareholders own equity worth $793.74 million.

Technical Picture

From a technical analysis perspective, let’s take a brief look at Newmont Corporation (NEM) price momentum. RSI 9-day as of the close on 29 December was 52.66%, suggesting the stock is Neutral, with historical volatility in this time frame at 30.14%.

As of today, NEM’s price is $47.77 +0.08% or $0.04 from its 5-day moving average. NEM is currently trading -0.23% lower than its 20-day SMA and +5.76% higher than its 100-day SMA. However, the stock’s current price level is +13.57% above the SMA50 and -35.45% below the SMA200.

The stochastic %K and %D were 66.58% and 73.18%, respectively, and the average true range (ATR) was 1.37. With the 14-day stochastic at 54.52% and the average true range at 1.41, the RSI (14) stands at 54.11%. The stock has reached 0.55 on the 9-day MACD Oscillator while the 14-day reading was at 0.82.

Analyst Ratings

Goldman launched coverage on Newmont Corporation (NYSE: NEM) in its analyst report released on September 12, 2022. The firm assigned the stock a Buy rating.

What is NEM’s price target for the next 12 months?

Analysts predict a range of price targets between $38.13 and $64.00, with a median target of $53.50. Taking a look at these predictions, the average price target given by analysts for Newmont Corporation (NEM) stock is $53.12.

LEAVE A REPLY

Please enter your comment!
Please enter your name here