Newmont Corporation’s stock has turned into one of 2025’s standout performers. Thanks to record gold prices, aggressive cost-cutting, and a massive buyback program, Newmont (NYSE: NEM) is now up well over 110% year-to-date, and more than 115–117% by several recent estimates. [1]
On 29 November 2025, the news flow around Newmont was dominated by one clear theme: institutional money is still flooding into the stock, even after the huge run. At the same time, analysts and commentators are sounding a little more cautious about how long the “gold rush” can last. [2]
Below is a breakdown of the key developments and what they mean for investors following Newmont stock today.
Newmont stock today: price, performance and valuation
As of the close on Friday, 28 November 2025, Newmont shares traded around $90.7 per share, with after‑hours quotes nudging just under $91. [3]
Key snapshot metrics from late November:
- Share price: ~$90.7
- 52‑week range:$36.86 – $98.58 [4]
- Market cap: ~$98.9 billion [5]
- P/E ratio: ~14.1
- P/E/G ratio: ~0.53 (suggesting earnings growth outpacing the P/E multiple) [6]
- Beta: ~0.33 – historically less volatile than the broader equity market [7]
- Dividend yield: about 1.1%, based on a $0.25 quarterly dividend ($1.00 annualized) [8]
From a sector perspective, Newmont now sits among the top‑performing precious‑metals stocks. One gold‑market commentary on 29 November highlighted that Newmont is up roughly 114% over the past year, alongside double‑digit gains for major gold and silver miners and a 60%+ rise in gold itself. [9]
In other words: this is no longer a “cheap turnaround play.” Newmont is being priced as a premier, highly profitable gold major in a roaring commodity environment.
29 November 2025: a wall of institutional buying headlines
The biggest Newmont stock news on 29 November 2025 was an avalanche of fresh 13F‑based stories showing large institutional investors increasing their stakes:
Norges Bank’s huge new position
- Norges Bank, Norway’s sovereign wealth fund, disclosed a new position of about 15.8 million Newmont shares, valued around $919 million. [10]
- This makes Norges Bank one of the larger institutional holders and is a strong vote of confidence in Newmont’s long‑term profile as a gold and copper producer.
Skandinaviska Enskilda Banken AB (SEB) and Quadrature Capital add aggressively
- SEB boosted its stake by 38.9% in Q2, adding 93,300 shares to reach 332,847 shares worth roughly $19.4 million. [11]
- Quadrature Capital increased its holdings by 56.5%, buying 48,678 shares to own 134,902 shares worth about $7.9 million. [12]
Both filings underscore growing interest from quant and Nordic institutional investors, who tend to be very data‑driven and valuation‑sensitive.
State of Florida, Groupama and Laurel Wealth Advisors also increase positions
Three more institutions showed up in 29 November filings: [13]
- The State Board of Administration of Florida Retirement System lifted its stake to over 1.1 million shares, worth about $65 million.
- Groupama Asset Management in France raised its position by 23.4% to almost 95,000 shares, valued at about $5.4 million.
- Laurel Wealth Advisors (a U.S. RIA) increased its holdings by a staggering 5,726%, now owning 17,478 shares (~$1.02 million).
Across these and related filings, MarketBeat estimates that about 68.85% of Newmont’s float is now held by institutional investors and hedge funds, a very high level of professional ownership. [14]
Takeaway: the 29 November news flow shows broad, continued institutional accumulation in NEM even after a triple‑digit YTD move, suggesting that “smart money” still sees room for upside or, at minimum, sees Newmont as a core gold exposure.
But not everyone is buying: profit‑taking and “visibility risk” warnings
The bullish institutional headlines are only half the story.
On the same date, a widely circulated European article titled “Newmont Stock: Assessing the Gold Rush Momentum” painted a more conflicted picture: [15]
- It notes Newmont shares are up around 117% year‑to‑date, powered by gold’s surge above $4,200/oz.
- Yet it flags that some large investors are taking profits. A key example is Korea Investment CORP, which cut its Newmont stake by 17.2%, selling nearly 200,000 shares and leaving it with about 1 million shares (~$56 million). [16]
- The article highlights gold‑price dependence: if gold falls back below roughly $4,100/oz, Newmont’s premium valuation could quickly look stretched.
Separately, on 28 November, a detailed Seeking Alpha note titled “Newmont: Visibility Risks As Gold Fluctuates” downgraded the stock. The author argues that: [17]
- Newmont’s fundamentals are strong, but earnings visibility is tightly linked to volatile gold prices.
- After a 100%+ rally, the margin of safety is thinner, particularly if cash flow underperforms expectations in 2026 and beyond.
These pieces don’t negate the bullish narrative, but they underline the risk that a sharp pullback in gold – or in Newmont’s free cash flow – could trigger a meaningful correction in NEM’s stock price.
Q3 2025: record free cash flow, earnings beat and a fatter dividend
The foundation for this year’s rally is Newmont’s blockbuster third‑quarter 2025 performance.
According to the company’s official Q3 release and subsequent coverage: [18]
- Adjusted net income:$1.9 billion, or $1.71 per diluted share, beating consensus estimates of $1.27 by a wide margin.
- Revenue:$5.52 billion, up about 20% year‑over‑year, and above analyst expectations around $5.1 billion.
- Free cash flow: a record $1.6 billion for the quarter – the fourth consecutive quarter with more than $1 billion in free cash flow.
- Gold production: about 1.4 million attributable ounces, plus significant copper output, despite some grade and maintenance headwinds.
- Average realized gold price: roughly $3,539/oz, far above the prior year and central to the earnings beat.
- All‑in sustaining costs (AISC): around $1,566/oz, down about 2–3% year‑over‑year and below market expectations, reflecting the early impact of cost cuts. [19]
Newmont also:
- Declared a $0.25 per‑share quarterly dividend for Q3, payable 22 December 2025 to shareholders of record as of 26 November 2025. [20]
- Continued an aggressive share repurchase program, contributing to $823 million returned to shareholders since the previous earnings call and $3.3 billion of total buybacks executed so far, with $2.7 billion of authorization remaining. [21]
- Used a major debt tender offer and asset sales to reduce debt by $2 billion and move to near‑zero net debt, with about $9.6 billion in liquidity at quarter‑end. [22]
In short: Q3 confirmed that Newmont is printing cash at current gold prices, while steadily de‑levering and still returning a lot of capital to shareholders.
Restructuring, Newcrest integration and portfolio cleanup
Behind the strong numbers is a sweeping reshaping of Newmont’s portfolio and cost base:
- Following its large acquisition of Newcrest Mining, Newmont has been rationalizing assets and headcount. An internal memo reported by Reuters said restructuring has impacted around 16% of the workforce, as the company streamlines post‑deal. [23]
- Newmont has sold several non‑core assets and equity stakes, including its holdings in Orla Mining and Discovery Silver, and the Coffee project, bringing in roughly $3.5 billion in net proceeds from divestments and share sales in 2025 alone. [24]
- The company is now focused on a core portfolio of high‑margin mines plus a handful of growth projects, such as the Ahafo North project in Ghana, where Newmont recently achieved first gold pour and is ramping toward commercial production over an initial 13‑year mine life. [25]
- Newmont is also involved in potential copper growth opportunities, including a prospective project in Papua New Guinea being evaluated with Harmony Gold. [26]
These moves are designed to lower costs, simplify the portfolio, and increase leverage to tier‑one assets – all of which support the bull case for Newmont if gold prices stay elevated.
Gold & silver backdrop: record rallies and fat margins
Newmont’s fortunes are currently tied to what might be the most dramatic precious‑metals bull market of the decade:
- A 29 November gold‑market note highlighted that gold futures finished the week around $4,256/oz, only a few percent below their all‑time high, after a sudden surge that wiped out a nascent short trend. [27]
- Silver has been even more explosive, up about 95% year‑to‑date and pushing to new record highs above $57/oz, compressing the gold/silver ratio to its lowest level since mid‑2024. [28]
- Reuters recently described gold miners as being on track for “bumper profits” this year, with Newmont and Barrick together expected to more than double their combined Q3 profit versus 2024, as gold averaged over $3,570/oz in the quarter. [29]
This macro backdrop explains why Newmont’s margins are so wide right now: the company’s AISC is in the mid‑$1,500s per ounce, while realized prices are more than twice that level.
The flipside is obvious: if gold gives back a big chunk of its gains, Newmont’s earnings and cash flow will compress quickly. That’s exactly the concern raised by more cautious analysts.
Analyst sentiment, options activity and technical signals
Consensus rating: broadly positive
Across Wall Street, the view on Newmont remains constructive:
- Aggregated data show 4 “Strong Buy”, 13 “Buy” and 4 “Hold” ratings, for an overall “Buy” consensus. [30]
- The average analyst price target sits around $91–92, only slightly above the current share price, but several recent target hikes stretch into the $104–$115 range from firms such as Bank of America and Scotiabank. [31]
That combination suggests that most analysts like the story, but many of the obvious short‑term gains have already been captured in the share price.
Options and technicals: volatility under the surface
- On 28 November, Newmont appeared on an “unusually active options” list, with heavy trading in its contracts at the open. Such spikes often precede big moves or hedge large positions, and underline how actively traders are now using options to express views on NEM. [32]
- A technical note from Nasdaq Dorsey Wright reported that Newmont broke a triple‑top resistance level at $90, triggering a new buy signal on their point‑and‑figure charts. They flagged near‑term resistance around $93 and support near $82. [33]
In simple terms: NEM is technically strong but stretched, and the options market is humming with activity as traders position for either continued momentum or a volatility spike.
Key risks investors should watch
With Newmont stock now widely owned and heavily covered, the main risk factors are well understood but still worth spelling out:
- Gold‑price risk
- Newmont’s valuation assumes sustainably high gold prices. A drop back below ~$4,000/oz would likely compress margins and trigger multiple compression. [34]
- Free‑cash‑flow volatility
- Management and Reuters have already warned that Q4 2025 free cash flow will be weaker, due to spending on water treatment at Yanacocha and severance payments linked to restructuring. [35]
- Investors will be watching closely whether this is a one‑off dip or a sign that sustaining high cash returns will be harder than expected.
- Execution and integration risk
- The Newcrest acquisition, asset sales, and 16% workforce reduction create complexity and execution risk. Integration missteps could push costs higher or delay growth projects. [36]
- Political and regulatory risk
- Newmont operates in multiple jurisdictions, including parts of Africa, Latin America, and Papua New Guinea, where politics, taxation and environmental regulation can change quickly. [37]
- Valuation after a huge run
- After more than doubling this year, Newmont no longer trades at “distressed” levels. Several analysts emphasize that while the company is high‑quality, further upside may depend on staying at or near record gold prices or delivering additional positive surprises on costs and buybacks. [38]
What the 29 November news really means for Newmont stock
Bringing all of this together, Newmont’s 29 November 2025 news flow sends a mixed – but fascinating – signal:
- Bullish side:
- A cluster of large institutions – including Norges Bank, SEB, Quadrature Capital, Groupama, and major U.S. asset managers – are still adding to Newmont even after a 100%+ rally. [39]
- Q3 results showed exceptional profitability, record free cash flow, and disciplined capital allocation, with buybacks and dividends all moving higher. [40]
- Gold and silver are in a historic bull market, and Newmont’s balance sheet is stronger and less levered than at any time in recent years.
- Cautious side:
- Some sophisticated investors (like Korea Investment CORP) are taking profits, not initiating positions, near Newmont’s 52‑week highs. [41]
- Analysts are starting to talk more about “visibility risks” and weaker forward free cash flow, not just the Q3 blowout. [42]
- With so much good news already reflected in the price, any disappointment in gold, costs or production could trigger a sharp sentiment reversal.
For current or prospective investors, 29 November’s data points don’t offer an easy “yes or no” answer. Instead, they sharpen the key question:
Do you believe today’s gold environment – and Newmont’s super‑charged free cash flow – can be sustained long enough to justify owning a stock that has already more than doubled this year?
Anyone considering Newmont should think carefully about:
- Their view on gold prices over the next 12–24 months
- Their tolerance for commodity‑driven volatility
- And how Newmont fits within a diversified portfolio, rather than as a single, high‑conviction bet
This article is for information and news analysis only and is not financial advice. Before making any investment decision, consider consulting a licensed financial adviser and reviewing your own objectives, risk tolerance and time horizon.
References
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