Brokers Offer Predictions for New Gold Inc.’s Q3 2024 Earnings (NYSE:NGD)

New Gold Inc. (NYSE:NGD) – Investment analysts at Raymond James issued their Q3 2024 earnings per share estimates for New Gold in a research note issued to investors on Monday, September 23rd. Raymond James analyst F. Hamed anticipates that the company will earn $0.03 per share for the quarter. The consensus estimate for New Gold’s current full-year earnings is $0.15 per share. Raymond James also issued estimates for New Gold’s Q4 2024 earnings at $0.06 EPS, FY2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.06 EPS, Q2 2025 earnings at $0.06 EPS, Q3 2025 earnings at $0.06 EPS, Q4 2025 earnings at $0.06 EPS and FY2025 earnings at $0.25 EPS.

Other analysts have also issued research reports about the company. Cibc World Mkts raised New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. Royal Bank of Canada increased their price objective on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Scotiabank increased their price objective on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research note on Tuesday, September 17th. BMO Capital Markets initiated coverage on New Gold in a research note on Friday, May 31st. They set an “outperform” rating and a $3.50 price objective for the company. Finally, CIBC increased their price objective on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, New Gold presently has a consensus rating of “Buy” and a consensus target price of $2.74.

New Gold Stock Performance

NYSE:NGD opened at $3.14 on Thursday. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of -31.40 and a beta of 1.29. New Gold has a fifty-two week low of $0.86 and a fifty-two week high of $3.25. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. The company’s 50 day moving average is $2.50.

New Gold (NYSE:NGD) last issued its earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $218.20 million during the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%.

Hedge Funds Weigh In On New Gold

A number of institutional investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc bought a new position in shares of New Gold during the fourth quarter valued at $893,000. Quadrature Capital Ltd boosted its position in shares of New Gold by 205.3% during the fourth quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the company’s stock valued at $2,374,000 after buying an additional 1,099,933 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of New Gold during the first quarter valued at $1,074,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of New Gold during the second quarter valued at $458,000. Finally, Pekin Hardy Strauss Inc. purchased a new stake in shares of New Gold during the second quarter valued at $356,000. Institutional investors own 42.82% 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.