Scotiabank Issues Optimistic Estimate for New Gold Earnings

New Gold Inc. (NYSE:NGD) – Scotiabank increased their FY2024 earnings per share (EPS) estimates for New Gold in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst E. Winmill now expects that the company will earn $0.17 per share for the year, up from their previous forecast of $0.13. Scotiabank has a “Sector Outperform” rating and a $3.25 price target on the stock. The consensus estimate for New Gold’s current full-year earnings is $0.18 per share. Scotiabank also issued estimates for New Gold’s FY2025 earnings at $0.27 EPS.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The company had revenue of $252.00 million during the quarter.

Separately, StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, New Gold has a consensus rating of “Buy” and a consensus target price of $3.41.

New Gold Stock Down 1.1 %

NGD stock opened at $2.71 on Monday. The business has a 50 day moving average of $2.68 and a 200 day moving average of $2.60. The firm has a market cap of $2.14 billion, a PE ratio of 135.50 and a beta of 1.32. New Gold has a twelve month low of $1.09 and a twelve month high of $3.25. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NGD. Lord Abbett & CO. LLC bought a new position in New Gold during the 3rd quarter valued at about $4,435,000. Virtu Financial LLC purchased a new stake in New Gold in the third quarter worth approximately $941,000. Toronto Dominion Bank grew its position in New Gold by 92.6% in the 3rd quarter. Toronto Dominion Bank now owns 110,318 shares of the company’s stock worth $318,000 after purchasing an additional 53,051 shares during the period. Geode Capital Management LLC raised its stake in New Gold by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock valued at $1,084,000 after buying an additional 7,394 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of New Gold during the 3rd quarter valued at $704,000. 42.82% of the stock is owned by 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.