The Week

Newmont ended the week down 1.6% at $121.43. The S&P 500 gained 1.21% over the same stretch, leaving the stock about 2.81 percentage points behind the benchmark. The week had a clear shape: a sharp Tuesday rally followed by a three-day fade. The stock reached a weekly high of $128.09 on Tuesday, finishing up 3.42% on volume of 5.4 million shares, but then slipped through Thursday and Friday. Thursday’s close of $121.30 and Friday’s intraday low of $119.90 put the shares back near the bottom of the recent range, with Friday settling at $121.43. The 6.61% weekly amplitude shows the stock is still wrestling with overhead resistance below its 60-day high of $135.29.

Key Events

The news flow this week tracked gold prices and a pair of company-specific items. Early in the week, UBS backing and easing Fourmile payment concerns prompted talk that Newmont might be undervalued. Tuesday’s 3.42% rally came as gold firmed, but Wednesday marked a turn: oil prices and Treasury yields climbed, the 10-year yield rose above 5%, and gold slipped below $4,300. Gold miners sold off as a group, with Newmont opening down 4.18% on Wednesday and underperforming peers on Thursday and Friday. On the corporate side, Newmont announced its third-quarter 2026 results conference call and signed an exclusive option agreement with Grafton Resources to sell 100% of the Poseidon gold-silver-copper and Jabali gold projects in Chile. Broader macro headlines on China’s gold flows and Peru’s copper permitting also fed into sector sentiment.

Analyst Ratings

Of the 23 analysts covering Newmont, 15 rate it buy, 5 rate it overweight, 2 rate it hold, and 1 rates it underweight; the consensus rating is buy. The consensus target price is $136.60, roughly 12.49% above the $121.43 spot price. The target range is unusually wide, from $67 to $170. Within the gold industry’s 49 names, Newmont ranks second in analyst ratings.

The Week Ahead

Newmont reports fiscal third-quarter 2026 results after the market close on 22 October 2026, with consensus estimates at $2.4771 in earnings per share and $6.225 billion in revenue. Before that, US macro data includes JOLTS job openings, consumer confidence, FHFA house prices, and the Case Shiller home price index. This week already showed gold miners moving in step with oil and Treasury yields; if the macro prints harden rate or dollar expectations, the sector could stay choppy into the earnings date.

In Short

This week left Newmont between two competing forces. Analyst coverage is broadly constructive, with buy and overweight ratings dominating, the consensus target sitting about 12.49% above spot, and the stock ranked second in its industry. Yet the shares still fell 1.6% as rising oil prices and Treasury yields weighed on gold miners, and Newmont underperformed peers on multiple days. Valuation is not stretched, with a roughly 14.88x P/E, 3.63x P/B, and 0.85% dividend yield. The next test is whether third-quarter results confirm the earnings outlook, and whether macro data push the dollar and real yields higher, shaping the next move in gold and mining equities.

This article is generated by LongbridgeAI from market data, for information only and not investment advice.