Newmont Corporation [NEM] stock Downgrade by Bernstein analyst, price target now $57

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Newmont Corporation [NYSE: NEM] plunged by -$0.86 during the normal trading session on Tuesday and reaching a high of $69.88 during the day while it closed the day at $67.85. The company report on May 31, 2022 that Awalé Resources Announces Strategic Investment and Exploration Agreement on the Odienné Project, Côte d’Ivoire.


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Awalé Resources Limited (“Awalé” or the “Company”) (TSXV: ARIC) is pleased to announce that Newmont Ventures Limited, a wholly owned subsidiary of Newmont Corporation (NYSE: NEM) (TSX: NGT)(“Newmont”), has agreed, subject to certain closing conditions including Toronto Stock Exchange approval, to make a strategic investment in Awalé and enter into an exploration agreement with venture option (the “Exploration Agreement”) on the Company’s Odienné Project in northwest Côte d’Ivoire (Figure 1).  The Odienné Project currently has two primary targets for world-class discoveries: i) the gold-rich Empire corridor and ii) the recently defined Sceptre Iron Oxide Copper Gold (“IOCG”) target, while the remaining 200 km2 of granted tenure and 400 km2 under application remains underexplored and has significant IOCG potential.

Newmont Corporation stock has also gained 0.62% of its value over the past 7 days. However, NEM stock has declined by -1.68% in the 3 months of the year. Over the past six months meanwhile, it has gained 22.47% and gained 9.40% year-on date.

The market cap for NEM stock reached $53.85 billion, with 793.00 million shares outstanding and 792.41 million shares in the current float. Compared to the average trading volume of 7.77M shares, NEM reached a trading volume of 9561628 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Newmont Corporation [NEM]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NEM shares is $79.51 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NEM stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Bernstein have made an estimate for Newmont Corporation shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on April 25, 2022. The new note on the price target was released on April 20, 2022, representing the official price target for Newmont Corporation stock.

The Average True Range (ATR) for Newmont Corporation is set at 2.34, with the Price to Sales ratio for NEM stock in the period of the last 12 months amounting to 4.35. The Price to Book ratio for the last quarter was 2.51, with the Price to Cash per share for the same quarter was set at 5.47. Price to Free Cash Flow for NEM in the course of the last twelve months was 78.16 with Quick ratio for the last quarter at 2.20.

NEM stock trade performance evaluation

Newmont Corporation [NEM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.62. With this latest performance, NEM shares dropped by -6.86% in over the last four-week period, additionally plugging by 22.47% over the last 6 months – not to mention a drop of -8.25% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NEM stock in for the last two-week period is set at 41.97, with the RSI for the last a single of trading hit 44.12, and the three-weeks RSI is set at 42.55 for Newmont Corporation [NEM]. The present Moving Average for the last 50 days of trading for this stock 74.56, while it was recorded at 68.77 for the last single week of trading, and 63.55 for the last 200 days.

Newmont Corporation [NEM]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Newmont Corporation [NEM] shares currently have an operating margin of +15.72 and a Gross Margin at +19.49. Newmont Corporation’s Net Margin is presently recorded at +9.10.

Return on Equity for this stock inclined to 4.93, with Return on Assets sitting at 2.71.

Newmont Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.20 and a Current Ratio set at 2.90.

Newmont Corporation [NEM]: Insider Ownership positions

There are presently around $43,960 million, or 83.50% of NEM stock, in the hands of institutional investors. The top three institutional holders of NEM stocks are: BLACKROCK INC. with ownership of 92,339,052, which is approximately 0.768% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 66,911,768 shares of the stock with an approximate value of $4.6 billion in NEM stocks shares; and STATE STREET CORP, currently with $2.79 billion in NEM stock with ownership of nearly 0.67% of the company’s market capitalization.

Positions in Newmont Corporation stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 580 institutional holders increased their position in Newmont Corporation [NYSE:NEM] by around 62,615,854 shares. Additionally, 507 investors decreased positions by around 44,661,655 shares, while 160 investors held positions by with 532,516,201 shares. The mentioned changes placed institutional holdings at 639,793,710 shares, according to the latest SEC report filing. NEM stock had 175 new institutional investments in for a total of 7,162,480 shares, while 98 institutional investors sold positions of 3,466,459 shares during the same period.

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