10 Best Breakout Stocks To Invest In Right Now

4. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 61

Newmont Corporation (NYSE:NEM) is the world’s largest gold producer, also engaged in mining copper, silver, zinc, and lead. The company operates in key mining regions across Africa, Australia, Latin America and the Caribbean, North America, and Papua New Guinea.

Recently, Newmont Corporation (NYSE:NEM) announced its agreement to sell certain Australian assets to Greatland Gold plc, with the transaction expected to finalize in the fourth quarter of 2024. This sale includes the Telfer operation and Newmont’s 70% stake in the Havieron gold-copper project, which is projected to generate up to $475 million for the company. As a result of this sale, Newmont Corporation (NYSE:NEM) has adjusted its non-core gold and copper production guidance for 2024, although its Tier 1 gold production target remains unchanged at 5.63 million ounces.

Jefferies has maintained its Buy rating on Newmont Corporation (NYSE:NEM) with a price target of $54. The firm noted that the recent transaction exceeds Jefferies’ own valuation of $271 million. The deal encompasses various elements, including equity, deferred cash, and repayment of a joint venture loan.

In its Q2 2024 results, Newmont Corporation (NYSE:NEM) reported revenue of $4.4 billion, fueled by the production of 1.6 million ounces of gold and 477,000 gold equivalent ounces from other metals. This led to robust cash flow of $1.4 billion from operations and $594 million in free cash flow.

As of the end of the second quarter, 61 hedge funds monitored by Insider Monkey held stakes in Newmont Corporation (NYSE:NEM).