Valued at a market cap of $58.3 billion, Newmont Corporation (NEM) is one of the world’s leading gold producers, also engaged in the mining of copper, silver, zinc, and lead. The Denver, Colorado-based company owns and operates a diverse portfolio of world-class assets, including Boddington and Tanami in Australia, Cerro Negro in Argentina, and Ahafo in Ghana. 

Companies worth $10 billion or more are typically classified as “large-cap stocks,” and NEM fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the gold industry. The company’s strengths lie in its industry-leading scale, geographic and mineral diversification, and strong focus on sustainability and operational excellence. Its diversified exposure to other metals like copper, silver, zinc, and lead enhances its resilience to gold price fluctuations. 

This gold giant is currently trading 10.8% below its 52-week high of $58.72, reached on Oct. 22, 2024. NEM has rallied 19.2% over the past three months, outpacing the Nasdaq Composite’s ($NASX) 8.1% uptick during the same time frame.

On a YTD basis, shares of NEM are up 40.7%, considerably outperforming NASX’s 1.1% rise. Moreover, in the longer term, NEM has gained 23.2% over the past 52 weeks, compared to NASX’s 13.7% rise over the same time frame.

To confirm its bullish trend, NEM has been trading above its 200-day moving average since mid-March, with some fluctuations, and has remained above its 50-day moving average since mid-January, with slight fluctuations. 

On Apr. 23, Newmont released its impressive Q1 results, prompting its share price to rise 4.8% in the following trading session. The company delivered revenue of $5 billion, marking a 24.5% year-over-year increase. Moreover, its adjusted EPS of $1.25 grew 127.3% from the year-ago quarter and exceeded the consensus estimates by 48.8%. A robust rise in realized gold prices primarily led to its strong performance. Additionally, NEM remains on track to meet its 2025 guidance and has reduced debt by about $1 billion since the start of the year. 

However, Newmont has lagged behind its rival, Agnico Eagle Mines Limited (AEM), which soared 71.7% over the past 52 weeks and 50.8% on a YTD basis. 

Looking at NEM’s recent outperformance, analysts remain moderately optimistic about its prospects. The stock has a consensus rating of "Moderate Buy” from the 20 analysts covering it, and the mean price target of $63.19 suggests a 20.7% premium to its current price levels.