NEM Stock Summary and Trading Ideas (Newmont | NYSE:NEM)

Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 17 wholly or majority owned mines and interests in two joint ventures in the Americas, Africa, Australia and Papua New Guinea. The company is expected to produce roughly 6.9 million ounces of gold in 2024. However, after buying Newcrest, Newmont is likely to sell a number of its higher cost, smaller mines accounting for 20% of forecast sales in 2024. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves along with significant byproduct reserves at end December 2023.

Newmont trades on the NYSE stock market under the symbol NEM.

As of April 24, 2024, NEM stock price climbed to $38.60 with 10,964,772 million shares trading.

NEM has a beta of 0.40, meaning it tends to be less sensitive to market movements. NEM has a correlation of 0.02 to the broad based SPY ETF.

NEM has a market cap of $44.49 billion. This is considered a Large Cap stock.

Last quarter Newmont reported $4 billion in Revenue and $.50 earnings per share. This fell short of revenue expectation by $-1 billion and missed earnings estimates by -$.12.

In the last 3 years, NEM stock traded as high as $86.37 and as low as $29.42.

The top ETF exchange traded funds that NEM belongs to (by Net Assets): GDX, VTI, VOO, VO, SPY.

NEM has underperformed the market in the last year with a price return of -15.9% while the SPY ETF gained +24.2%. However, in the short term, NEM had mixed performance relative to the market. It has outperformed in the last 3 months, returning +9.9% vs +4.6% return in SPY. But in the last 2 weeks, NEM shares have been beat by the market, returning -2.7% compared to an SPY return of -2.7%.

NEM support price is $36.72 and resistance is $38.70 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that NEM stock will trade within this expected range on the day.