Raymond James Issues Positive Outlook for New Gold Earnings

New Gold Inc. (NYSE:NGD) – Analysts at Raymond James raised their FY2024 EPS estimates for New Gold in a note issued to investors on Monday, February 3rd. Raymond James analyst F. Hamed now anticipates that the company will post earnings of $0.18 per share for the year, up from their previous estimate of $0.17. The consensus estimate for New Gold’s current full-year earnings is $0.18 per share. Raymond James also issued estimates for New Gold’s FY2025 earnings at $0.19 EPS.

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

New Gold Price Performance

Shares of NYSE NGD opened at $3.11 on Wednesday. The business’s 50 day moving average price is $2.74 and its 200 day moving average price is $2.68. The firm has a market cap of $2.46 billion, a P/E ratio of 155.50 and a beta of 1.36. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. New Gold has a 52 week low of $1.09 and a 52 week high of $3.25.

Hedge Funds Weigh In On New Gold

A number of institutional investors have recently added to or reduced their stakes in NGD. Van ECK Associates Corp increased its holdings in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after buying an additional 3,541,882 shares during the last quarter. BNP Paribas Financial Markets increased its stake in New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after acquiring an additional 2,664,153 shares during the last quarter. ArrowMark Colorado Holdings LLC acquired a new position in shares of New Gold in the 3rd quarter valued at $4,787,000. Lord Abbett & CO. LLC acquired a new position in shares of New Gold in the 3rd quarter valued at $4,435,000. Finally, JGP Global Gestao de Recursos Ltda. grew its holdings in shares of New Gold by 27.8% during the 4th quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company’s stock worth $16,120,000 after purchasing an additional 1,412,003 shares during the period. Hedge funds and other institutional investors own 42.82% of the company’s stock.

About New Gold

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.