Equities Analysts Offer Predictions for New Gold Q3 Earnings

New Gold Inc. (NYSE:NGD) – Research analysts at Raymond James boosted their Q3 2024 earnings per share estimates for New Gold in a report issued on Monday, October 21st. Raymond James analyst F. Hamed now anticipates that the company will post earnings per share of $0.04 for the quarter, up from their prior estimate of $0.03. 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 $0.07 EPS and FY2024 earnings at $0.15 EPS.

New Gold (NYSE:NGD) last issued its quarterly earnings data 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 firm had revenue of $218.20 million during the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%.

Several other equities research analysts also recently issued reports on NGD. Royal Bank of Canada raised their price objective on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Scotiabank raised their price objective 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. StockNews.com downgraded shares of New Gold from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. Finally, CIBC lifted their price target on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $2.74.

New Gold Stock Up 0.3 %

Shares of NGD stock opened at $2.93 on Wednesday. The stock’s 50 day moving average is $2.79. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. The firm has a market capitalization of $2.32 billion, a P/E ratio of -29.30 and a beta of 1.30. New Gold has a 12-month low of $1.03 and a 12-month high of $3.25.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Scientech Research LLC acquired a new position in New Gold during the second quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. acquired a new position in New Gold during the first quarter valued at approximately $30,000. Allworth Financial LP raised its position in New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after purchasing an additional 9,418 shares in the last quarter. Eastern Bank acquired a new position in New Gold during the third quarter valued at approximately $33,000. Finally, Rathbones Group PLC bought a new stake in shares of New Gold during the second quarter worth $36,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.