FY2024 EPS Estimates for New Gold Increased by Analyst

New Gold Inc. (NYSE:NGD) – Research analysts at National Bank Financial upped their FY2024 EPS estimates for shares of New Gold in a research report issued on Wednesday, October 30th. National Bank Financial analyst M. Parkin now expects that the company will post earnings per share of $0.21 for the year, up from their previous estimate of $0.18. The consensus estimate for New Gold’s current full-year earnings is $0.15 per share. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.41 EPS.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 8.56%. The business had revenue of $252.00 million for the quarter.

Other equities analysts have also recently issued research reports about the stock. Scotiabank lifted their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Finally, CIBC raised their price target on shares of New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, New Gold currently has an average rating of “Buy” and a consensus target price of $3.08.

New Gold Price Performance

New Gold stock opened at $2.76 on Friday. New Gold has a 52 week low of $1.09 and a 52 week high of $3.25. The business’s 50 day moving average price is $2.81. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.98 and a current ratio of 1.42. The company has a market cap of $2.18 billion, a PE ratio of 138.50 and a beta of 1.30.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NGD. Scientech Research LLC purchased a new position in New Gold in the 2nd quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. purchased a new position in New Gold in the 1st quarter valued at approximately $30,000. Allworth Financial LP grew its stake in New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after buying an additional 9,418 shares in the last quarter. Eastern Bank bought a new position in New Gold in the 3rd quarter valued at $33,000. Finally, Rathbones Group PLC bought a new position in New Gold in the 2nd quarter valued at $36,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.