National Bank Financial Cuts Earnings Estimates for New Gold

New Gold Inc. (NYSE:NGD) – National Bank Financial lowered their FY2024 EPS estimates for shares of New Gold in a note issued to investors on Monday, February 10th. National Bank Financial analyst M. Parkin now expects that the company will post earnings of $0.19 per share for the year, down from their prior forecast of $0.21. The consensus estimate for New Gold’s current full-year earnings is $0.19 per share. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.35 EPS.

A number of other equities analysts have also weighed in on NGD. Scotiabank boosted their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $3.60.

New Gold Stock Performance

Shares of New Gold stock opened at $3.03 on Thursday. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 151.50 and a beta of 1.36. The firm’s 50-day moving average is $2.77 and its 200 day moving average is $2.72. New Gold has a 1 year low of $1.09 and a 1 year high of $3.25. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84.

Institutional Investors Weigh In On New Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NGD. Canada Pension Plan Investment Board bought a new position in New Gold in the 4th quarter worth approximately $6,111,000. Marshall Wace LLP increased its holdings in shares of New Gold by 212.2% in the 4th quarter. Marshall Wace LLP now owns 2,588,318 shares of the company’s stock worth $6,419,000 after buying an additional 1,759,383 shares during the last quarter. Garden State Investment Advisory Services LLC bought a new stake in shares of New Gold in the 4th quarter valued at approximately $584,000. NewEdge Advisors LLC lifted its position in New Gold by 60.2% in the fourth quarter. NewEdge Advisors LLC now owns 40,375 shares of the company’s stock worth $100,000 after buying an additional 15,175 shares during the last quarter. Finally, Walleye Capital LLC lifted its holdings in shares of New Gold by 87.7% in the 4th quarter. Walleye Capital LLC now owns 186,765 shares of the company’s stock worth $463,000 after acquiring an additional 87,270 shares during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.