Bull of the Day: Newmont (NEM)

Colorado-based Newmont NEM is one of the world's largest producers of gold, owning several active mines in Nevada, Peru, Australia, and Ghana.The stock sports the highly coveted Zacks Rank #1 (Strong Buy), with EPS expectations moving higher across the board over recent months.Image Source: Zacks Investment ResearchIn addition to a favorable EPS outlook, the stock resides in the Zacks Mining – Gold industry, which is currently ranked among the top 7% of all Zacks industries. Let’s take a closer look at the company.NEM Benefits from Gold SurgeThe surge in gold prices has been a driving factor behind the stock’s strong YTD performance, up more than 40%. The favorable environment has been reflected by recent quarterly results, with the company crushing our consensus sales and EPS expectations in the most recent release.Image Source: Zacks Investment ResearchImportantly, the average gold price per oz reached $2,944 throughout the above-mentioned period, melting higher from the $2,090 mark in the same period last year. Free cash flow of $1.2 billion throughout the period also reflected a Q1 record, adding to the positivity.Below is a chart illustrating NEM’s free cash flow on a quarterly basis. The amplified cash-generating abilities are a huge positive, allowing the company to shell out dividend payments or pay down debt.Image Source: Zacks Investment ResearchShares could be of interest to those with an appetite for income as well, currently yielding 1.9% annually compared to a 1.3% yield from the S&P 500. NEM has already delivered $1.0 billion in total returns to shareholders through share repurchases and dividend payments since the start of the year.Image Source: Zacks Investment ResearchBottom LineInvestors can implement a stellar strategy to find expected winners by taking advantage of the Zacks Rank – one of the most powerful market tools that provides a massive edge.The top 5% of all stocks receive the highly coveted Zacks Rank #1 (Strong Buy). These stocks should outperform the market more than any other rank.Newmont NEM is currently a Zack Rank #1 (Strong Buy). 5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks