Top performing S&P 500 gold mining giant Newmont received a credit rating upgrade from Moody's Ratings late Wednesday, based on the the company's stable outlook and balance sheet.
Moody's upgraded Newmont's issuer credit rating to A3 from the previous Baa1 late Wednesday. This means that Moody's views Newmont as an upper-medium grade debt issuer with low risk of default and a strong capacity to meet its financial commitments.
Newmont CEO Tom Palmer said in a news release that Moody's upgrade "underscores the strength of Newmont's balance sheet" and its "commitment to a disciplined, balanced approach to capital allocation."
"Over the past several years, Newmont has significantly reduced gross debt, maintained a stable dividend framework, and advanced a capital allocation strategy designed to deliver long-term value," Palmer added Wednesday.
The leading gold miner and producer of copper, zinc, lead and silver ended the second quarter with $6.2 billion of consolidated cash and $10.2 billion of liquidity, according to regulatory filings.
S&P 500: Newmont Stock And Gold
Surging gold prices this year have buoyed Newmont's balance sheet. On Friday, gold prices moved 0.3% lower to around $3,405 per ounce, trading right around two-week highs and not far from record highs of $3,500.20 per ounce which it set in April 2025. Overall, gold prices have increased around 31% on the year.
The mining giant saw Q2 EPS soar 99% with revenue increasing 21%. For the full year, analysts expect earnings to grow 60% to $5.54 per share on sales totaling $20.67 billion, up 11% compared to 2024, according to FactSet. However, analyst consensus has earnings growth moderating throughout the rest of the decade.
Newmont stock has been on a hot streak in the 2025 stock market, galloping around 100% higher. That's the second-best S&P 500 stock after red-hot Palantir Technologies. Palantir stock is up 108% so far in 2025.
Newmont edged up nearly 2% to 74.41 on Friday after advancing 0.8% during Thursday's stock market. The stock slightly declined to 72.39 on Wednesday. The S&P 500 traded up 19.8% in August, notching an eighth consecutive monthly advance. NEM stock is around 16% below its all-time high of 86.37, which it hit in April 2022. The stock is also well extended from a previous cup-with-handle buy point, breaking out from a buy zone on July 22, according to MarketSurge charts.
Newmont stock has a perfect 99 Composite Rating. The top performing S&P 500 stock also has a robust 93 Relative Strength Rating and a strong 89 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
YOU MAY ALSO LIKE:
Get Full Access To IBD Stock Lists And Ratings
Why This IBD Tool Simplifies The Search For Top Stocks
IBD Digital: Unlock IBD's Premium Lists, Tools And Analysis Today
How To Invest: Rules For When To Buy And Sell In Bull And Bear Markets
