Newmont Corp [NYSE: NEM] gained 0.06% or 0.02 points to close at $33.91 with a heavy trading volume of 13694515 shares. The company report on March 4, 2024 at 5:29 PM that Newmont Announces Pricing of Notes to Repay Outstanding Borrowings Under Revolving Credit Facility.
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (“Newmont” or the “Company”) and Newcrest Finance Pty Limited, a wholly owned subsidiary of Newmont (“Newcrest Finance” and, together with Newmont, the “Issuers”) announced today that they have priced a private offering (the “Offering”) of $1 billion aggregate principal amount of 5.300% notes due 2026 (the “2026 Notes”) and $1 billion aggregate principal amount of 5.350% notes due 2034 (the “2034 Notes” and, together with the 2026 Notes, the “Notes”). The Notes will be guaranteed on an unsecured senior basis by Newmont USA Limited, a wholly owned subsidiary of Newmont. Subject to customary closing conditions, the Offering is expected to close on March 7, 2024.
The Issuers intend to use a portion of the net proceeds from the Offering to repay all outstanding borrowings under the Company’s revolving credit facility, with the remaining proceeds for general corporate purposes. The Company previously used borrowings under its revolving credit facility, along with cash on hand, to repay approximately US$1.9 billion aggregate principal amount of bilateral credit debt acquired by Newmont as part of its acquisition of Newcrest Mining Limited.
The daily chart for NEM points out that the company has recorded -11.60% loss over the past six months.
If we look at the average trading volume of 12.40M shares, NEM reached to a volume of 13694515 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Newmont Corp [NEM]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NEM shares is $43.44 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 2.13. 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.
Jefferies have made an estimate for Newmont Corp shares, keeping their opinion on the stock as Buy, with their previous recommendation back on February 29, 2024. The new note on the price target was released on February 26, 2024, representing the official price target for Newmont Corp stock.
The Average True Range (ATR) for Newmont Corp is set at 1.07, with the Price to Sales ratio for NEM stock in the period of the last 12 months amounting to 3.32. The Price to Book ratio for the last quarter was 1.35, with the Price to Cash per share for the same quarter was set at 2.63. Price to Free Cash Flow for NEM in the course of the last twelve months was 402.92 with Quick ratio for the last quarter at 0.81.
Trading performance analysis for NEM stock
Newmont Corp [NEM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.17. With this latest performance, NEM shares gained by 0.77% in over the last four-week period, additionally sinking by -11.60% over the last 6 months – not to mention a drop of -19.57% 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 54.62, with the RSI for the last a single of trading hit 62.42, and the three-weeks RSI is set at 50.24 for Newmont Corp [NEM]. The present Moving Average for the last 50 days of trading for this stock 34.94, while it was recorded at 33.65 for the last single week of trading, and 38.75 for the last 200 days.
Newmont Corp [NEM]: A deeper dive into fundamental analysis
Newmont Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.81 and a Current Ratio set at 1.25.
Newmont Corp [NEM]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Newmont Corp posted 0.53/share EPS, while the average EPS was predicted by analysts to be reported at 0.42/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 26.20%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NEM. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Newmont Corp go to 12.10%.
An analysis of Institutional ownership at Newmont Corp [NEM]
The top three institutional holders of NEM stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in NEM stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in NEM stock with ownership which is approximately 5.8325%.
