Newmont Mining (NEM) Stock Retreated Today on Lower Gold Prices

Newmont Mining (NEM) stock closed lower on Friday as gold prices end a six-week winning streak.
By Natalie Walters ,

NEW YORK (TheStreet) -- Shares of Newmont Mining (NEM) - Get Report closed lower by 0.70% to $41.33 on Friday, as gold prices took a dip this week ending with its first loss in seven weeks. 

The six-week winning streak of the precious metal was halted as risk concerns were lifted, Reuters reports.

"The precious metals are taking a breather. They have done really well this year and went up too quickly. So retrenchment is only right to happen. Also, stock markets are doing well at this point of time," Brian Lan, managing director at GoldSilver Central, told Reuters.

Gold prices have fallen 2.5% so far this week, putting the metal on track for its first weekly decline since May 27.

Gold for August delivery is down by 0.27% to $1328.50 per ounce on the COMEX this afternoon.

Newmont is a Greenwood Village, CO-based mining company focused on the production of and exploration for gold and copper.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate NEWMONT MINING CORP as a Hold with a ratings score of C+. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, disappointing return on equity and feeble growth in the company's earnings per share.

You can view the full analysis from the report here: NEM

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