Newmont shares drop 20% despite record Q1 earnings and strong cash flow, seen as a buy opportunity.

Newmont Corporation's stock has fallen about 20% from its January peak even as the company reported record first-quarter earnings, with non-GAAP EPS of $2.90 and revenue of $7.3 billion, beating estimates. The company generated a robust $3.1 billion in free cash flow and announced a new $6 billion share buyback program. Despite risks from potential lower gold prices and rising oil costs, the stock's valuation appears attractive, with an estimated intrinsic value of $147 based on normalized earnings and a 14x price-to-earnings ratio. Technically, the stock shows mixed signals but maintains support near $106, with a rising 200-day moving average suggesting a longer-term bullish trend.