Newmont Mining Corp Coverage Initiated at FBR & Co. (NEM)

Barrick Gold Corporation (NYSE:ABX)(TREND ANALYSIS) Newmont Mining Corp. may be interested in some of Barrick Gold Corp.‘s assets – just not the ones it’s now trying to sell. The mining company reported $0.26 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.26. “We will continue to focus on key initiatives like wellness+ with Plenti, flu immunizations and Wellness store remodels to drive performance in our retail segment as we also leverage EnvisionRx’s suite of services to create unique and integrated offerings in the healthcare marketplace”. Both companies had recently suffered huge losses, following the decline of gold prices, by more than 40%.

Shares of Newmont Mining Corp (NYSE:NEM) traded down 6.25% during midday trading on Friday, reaching $15.59. On last trading day company shares ended up at $1.63. This segment produces conventional and premium gasolines, gasoline meeting the specifications of the California Air Resources Board (CARB), reformulated gasoline blendstock for oxygenate blending, diesel fuels, low-sulfur and ultra-low-sulfur diesel fuels, CARB diesel fuel, distillates, jet fuels, asphalts, petrochemicals, lubricants, and other refined products. This is the consensus number based on the polled analysts tracked by Zacks Research.

Newmont Mining Corporation has dropped 29.8% during the last 3-month period. The company has a 50-day moving average of $16.70 and a 200-day moving average of $21.73. Credit Suisse reaffirmed an “outperform” rating and set a $30.00 price target on shares of Newmont Mining Corp in a research report on Tuesday, June 23rd. The 52-week high of the share price is $27.9 and the company has a market cap of $8,878 million. They noted that the move was a valuation call.

Newmont Mining Corp (NYSE:NEM) last posted its earnings results on Wednesday, July 22nd. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $2 billion.

The stock price of Newmont Mining Corp went down 15.2% over the last 200 days, and is in strong down trend. During the same quarter in the previous year, the business posted $0.20 EPS. CIBC began coverage on Newmont Mining Corp in a research report on Friday, July 24th. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company.

Gold for December delivery is lower by 0.84% to $1,144.10 per ounce, and copper for September delivery is decreasing by 0.99% to $2.29 per pound this morning on the COMEX.

The dollar has strengthened on the prospect of higher rates, which is weighing on prices of commodities such as gold and copper that are priced in the greenback and therefore relatively more expensive to foreign buyers. The ex-dividend date was Thursday, August 27th.

Barrick Gold Corporation (Barrick) is a gold mining company.

At the end of Tuesday’s trade, Altria Group Inc (NYSE:MO)’s shares dipped -1.10% to $54.19. The Company is focused on gold production.

Newmont is interested in buying out Barrick’s 50% stake in the Kalgoorlie Super Pit in Western Australia Newmont CEO Gary Goldberg said during an interview at the Denver Gold Forum, according to Bloomberg. Its operations and/or assets are in the United States Australia Peru Indonesia Ghana Mexico Suriname and New Zealand. The North America segment consists in Mexico of Nevada in La Herradura and the United States. The South America segment consists in Peru of Conga and Yanacocha.

Information contained in this article may contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long-term; pricing pressures; etc. Its Africa section consists of Ahafo and Akyem in Ghana.