Newmont Corporation (NYSE:NEM) is one of the best metal stocks to buy right now. On December 29, analysts at Raymond James raised Newmont Corporation’s price target to $111 from $99 and reiterated an Outperform rating.
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The research firm attributes the price target hike to Newmont’s exposure to gold through a lower-jurisdictional-risk global portfolio. Consequently, the company can generate solid cash flow amid rising gold prices, which affirms its financial stability. Additionally, being the only gold stock listed in the S&P affirms its unique exposure to institutional investors.
Raymond James has also attributed the positive stance to the company’s solid dividend framework, which also allows it to share excess capital with shareholders. RBC Capital analyst Josh Wolfson also maintains a bullish stance on the stock with a $120 price target.
Meanwhile, on December 18, Newmont Corporation agreed to sell 6.77 million shares of Fuertes Metals Corporation for $22 million. The sale through the company’s subsidiary will reduce ownership stake to 19.5% from 24%.
Newmont Corporation is the world’s leading gold mining company, also producing significant amounts of copper, silver, zinc, and lead through large-scale extraction, processing, and refining of these metals from mines globally, focusing on sustainable practices, safety, and strong environmental, social, and governance (ESG) standards.
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This article is originally published at Insider Monkey.
