Brokers Issue Forecasts for New Gold’s Q3 Earnings (TSE:NGD)

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Equities research analysts at Raymond James increased their Q3 2024 earnings estimates for New Gold in a research report issued on Monday, October 21st. Raymond James analyst F. Hamed now anticipates that the company will post earnings of $0.06 per share for the quarter, up from their prior forecast of $0.04. Raymond James also issued estimates for New Gold’s Q4 2024 earnings at $0.10 EPS and FY2024 earnings at $0.21 EPS.

Other analysts have also recently issued reports about the stock. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. BMO Capital Markets increased their price objective on shares of New Gold from C$4.25 to C$4.50 in a research note on Wednesday, July 31st. Canaccord Genuity Group increased their price objective on shares of New Gold from C$4.00 to C$4.50 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Finally, National Bankshares upped their target price on shares of New Gold from C$4.00 to C$4.25 and gave the stock an “outperform” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of C$3.71.

New Gold Stock Performance

NGD stock opened at C$4.04 on Wednesday. The company has a quick ratio of 1.64, a current ratio of 1.50 and a debt-to-equity ratio of 52.45. The company has a market capitalization of C$3.19 billion, a price-to-earnings ratio of -101.00, a P/E/G ratio of -3.02 and a beta of 1.59. New Gold has a 12 month low of C$1.44 and a 12 month high of C$4.37. The firm has a 50 day moving average of C$3.76 and a two-hundred day moving average of C$3.11.

New Gold (TSE:NGD) (ARCA:NGD) last announced its quarterly earnings data on Tuesday, July 30th. The company reported C$0.03 EPS for the quarter, beating analysts’ consensus estimates of C$0.02 by C$0.01. The firm had revenue of C$298.55 million for the quarter. New Gold had a negative net margin of 2.53% and a negative return on equity of 2.23%.

Insiders Place Their Bets

In other New Gold news, Senior Officer Sean William Keating sold 45,833 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of C$4.17, for a total transaction of C$191,123.61. Insiders own 4.92% of the company’s stock.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.