Raymond James Has Positive Estimate for New Gold Q3 Earnings

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Research analysts at Raymond James raised their Q3 2024 EPS estimates for New Gold in a report released on Monday, October 21st. Raymond James analyst F. Hamed now expects that the company will post earnings per share of $0.06 for the quarter, up from their previous forecast of $0.04. Raymond James also issued estimates for New Gold’s Q4 2024 earnings at $0.10 EPS and FY2024 earnings at $0.21 EPS.

NGD has been the subject of a number of other research reports. BMO Capital Markets raised their target price on New Gold from C$4.25 to C$4.50 in a report on Wednesday, July 31st. Canaccord Genuity Group raised their target price on New Gold from C$4.00 to C$4.50 and gave the company a “buy” rating in a report on Thursday, August 22nd. Cibc World Mkts raised New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, National Bankshares raised their target price on New Gold from C$4.00 to C$4.25 and gave the company an “outperform” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, New Gold has an average rating of “Buy” and a consensus target price of C$3.71.

New Gold Stock Performance

The company has a current ratio of 1.50, a quick ratio of 1.64 and a debt-to-equity ratio of 52.45. The stock has a market capitalization of C$3.21 billion, a price-to-earnings ratio of -101.00, a PEG ratio of -3.02 and a beta of 1.59. The business’s 50-day simple moving average is C$3.76 and its 200 day simple moving average is C$3.11. New Gold has a 1 year low of C$1.44 and a 1 year high of C$4.37.

New Gold (TSE:NGD) (ARCA:NGD) last announced its quarterly earnings results on Tuesday, July 30th. The company reported C$0.03 EPS for the quarter, beating the consensus estimate of C$0.02 by C$0.01. The company had revenue of C$298.55 million for the quarter. New Gold had a negative net margin of 2.53% and a negative return on equity of 2.23%.

Insider Buying and Selling at New Gold

In other New Gold news, Senior Officer Sean William Keating sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of C$3.63, for a total value of C$181,500.00. 4.92% of the stock is currently owned by corporate insiders.

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.