Stock Track | Newmont Mining Soars 5.11% Intraday on Blowout Q1 Earnings, $6 Billion Buyback Announcement

Stock Track04-24 22:01

Newmont Mining's stock surged 5.11% during intraday trading on Friday. The significant upward movement follows the release of the gold mining giant's first-quarter financial results, which exceeded market expectations on both the top and bottom lines.

The company reported quarterly earnings of $2.90 per share, beating the consensus estimate of $2.21. Revenue came in at $7.31 billion, surpassing the expected $6.75 billion. The strong performance was significantly aided by a record-high average realized gold price of $4,900 per ounce. Furthermore, Newmont announced a substantial new $6 billion share buyback program and reported generating a record $3.1 billion in free cash flow during the quarter.

Positive analyst sentiment contributed to the bullish momentum, with BMO Capital raising its price target on the stock to $145 from $140. The company's aggressive capital return strategy, which included returning $2.7 billion to shareholders via dividends and buybacks in the quarter, underscores management's confidence in its financial strength and commitment to shareholder value.

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