NewmontNYSE: NEM

Newmont (NEM) is now considered technically oversold, suggesting that the intense selling pressure may be coming to an end. Additionally, there is a strong consensus among Wall Street analysts to raise their earnings forecasts, which points to a possible change in the stock's trend soon.

Users of Zacks.com have been paying a lot of attention to Newmont (NEM) lately. Therefore, it's important to understand the key information that could influence the future of the stock.

Newmont's earnings report for the third quarter surprised investors because the gold mining company faced high expenses. The reduced production forecast is linked to difficulties with its latest acquisition. However, Newmont's strong profits are likely to support its continued interest in making purchases.

ORANGE, Australia--(BUSINESS WIRE)-- #Newmont--Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) has announced that its Cadia operation in Orange, NSW, has received The Copper Mark and The Molybdenum Mark after an independent evaluation. This recognition highlights responsible production practices at Australia's largest underground mine. Cadia is the first site for Newmont worldwide to earn this award by meeting over 30 important criteria related to environmental and community standards.

In 2024, gold is doing better than the S&P 500.

Gold miners are finding it hard to take advantage of the increased demand for gold due to rising costs for materials and operations. Newmont Corp, the biggest gold mining company globally, saw its shares drop by 15% after its earnings report showed profits and revenue fell short of what analysts had predicted.

Newmont Corporation (NYSE:NEM) will hold its Q3 2024 Earnings Conference Call on October 24, 2024, at 11:00 AM ET. The call will feature company leaders, including President and CEO Thomas Palmer, along with other executives. Various financial analysts from different banks will also participate in the call.

Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM) announced its third-quarter earnings, which were not entirely positive. The adjusted earnings per share (EPS) came in at $0.81, which was lower than the expected EPS of $0.85 from Jefferies and $0.86 from the overall market consensus.

Newmont Corporation performed well in Q3 2024, although it was somewhat affected by a weaker quarter at NGM and a slower increase in production at the PV 14MTPa Expansion. Costs increased significantly compared to last year, reaching $1,611/oz, partly due to higher gold prices affecting royalties, but the record gold price helped balance this out. In this update, we will explore the Q3 '24 results, recent changes, and assess if NEM is a good investment right now.