Newmont Corp. shares surged to an all-time intraday high of $134.93 on Tuesday, extending a 87.4% total return over the past year despite broader weakness in gold mining equities.
The stock traded about 1% below its 52-week peak, according to market data. The advance followed a second-quarter earnings report that fell short of analyst expectations, with adjusted earnings of $2.10 per share against a consensus forecast of $2.12. Revenue totaled $6.12 billion, below the $6.38 billion estimated by Wall Street. Newmont reiterated its full-year guidance, indicating operational stability despite the shortfall.
Analysts offered divergent views on the stock’s outlook. Raymond James raised its price target to $140 from $131, maintaining an Outperform rating, citing operational improvements at Nevada Gold Mines. In contrast, Argus reduced its target to $110 from $125 while retaining a Buy rating, citing recent share price weakness.
The broader gold mining sector declined as spot gold prices retreated, pressured by rising U.S. Treasury yields and heightened inflation concerns. Newmont’s Piotroski Score stood at 9, a perfect mark, while its PEG ratio was 0.38. InvestingPro’s fair value estimate for the stock was $146.94.
