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Goldman Sachs upgrades Newmont to buy

NEWMONTNewmont Mining Corp (NYSE:NEM) was upgraded by stock analysts at Goldman Sachs from a “neutral” rating to a “buy” rating in a report released on Wednesday, StockTargetPrices.com reports.


The brokerage presently has a $36.00 price objective on the mining company’s stock, up from their prior price objective of $23.30. Goldman Sachs’ price target points to a potential upside of 8.99% from the company’s previous close.

Shares of Newmont Mining Corp (NYSE:NEM) opened at 33.03 on Wednesday. Newmont Mining Corp has a 12-month low of $15.39 and a 12-month high of $35.20. The company has a 50-day moving average of $29.94 and a 200 day moving average of $23.07. The firm has a market capitalization of $17.48 billion and a PE ratio of 77.54.

Newmont Mining Corp (NYSE:NEM) last posted its earnings results on Wednesday, April 20th. The mining company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.20 by $0.14. The firm earned $2.03 billion during the quarter, compared to the consensus estimate of $1.86 billion. Newmont Mining Corp’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.46 earnings per share. On average, analysts predict that Newmont Mining Corp will post $1.23 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 23rd. Shareholders of record on Thursday, June 9th will be paid a $0.025 dividend. The ex-dividend date is Tuesday, June 7th. This represents a $0.10 annualised dividend and a dividend yield of 0.30%.

Other hedge funds have recently modified their holdings of the company. Nordea Investment Management AB raised its stake in shares of Newmont Mining Corp by 45.0% in the fourth quarter. Nordea Investment Management AB now owns 463,663 shares of the mining company’s stock valued at $8,341,000 after buying an additional 143,995 shares during the last quarter. Foster & Motley Inc. raised its stake in shares of Newmont Mining Corp by 23.1% in the fourth quarter. Foster & Motley Inc. now owns 156,081 shares of the mining company’s stock valued at $2,808,000 after buying an additional 29,250 shares during the last quarter. First Quadrant L P CA raised its stake in shares of Newmont Mining Corp by 97.8% in the fourth quarter. First Quadrant L P CA now owns 669,500 shares of the mining company’s stock valued at $12,044,000 after buying an additional 331,100 shares during the last quarter. Accident Compensation Corp purchased a new stake in shares of Newmont Mining Corp during the fourth quarter valued at about $4,164,000. Finally, Gargoyle Investment Advisor L.L.C. raised its stake in shares of Newmont Mining Corp by 2.2% in the fourth quarter. Gargoyle Investment Advisor L.L.C. now owns 39,503 shares of the mining company’s stock valued at $711,000 after buying an additional 862 shares during the last quarter.

Other equities analysts also recently issued reports about the company. CIBC increased their target price on Newmont Mining Corp from $24.50 to $28.50 in a research report on Thursday, February 18th. Barclays decreased their price target on Newmont Mining Corp from $25.00 to $22.00 in a research note on Thursday, January 14th. Jefferies Group increased their price target on Newmont Mining Corp to $33.00 in a research note on Wednesday, March 30th. RBC Capital increased their price target on Newmont Mining Corp from $25.00 to $34.00 in a research note on Tuesday, April 12th. Finally, Deutsche Bank increased their price target on Newmont Mining Corp from $26.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, February 24th. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $29.11.

Newmont Mining Corporation (NYSE:NEM) is a global mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Suriname.

SOURCE: http://classfmonline.com/1.9112076

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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