What is Scotiabank’s Forecast for New Gold FY2024 Earnings?

New Gold Inc. (NYSE:NGD) – Stock analysts at Scotiabank raised their FY2024 earnings per share estimates for New Gold in a research note issued on Wednesday, January 8th. Scotiabank analyst E. Winmill now anticipates that the company will post earnings per share of $0.17 for the year, up from their previous estimate of $0.13. Scotiabank currently has a “Sector Outperform” rating and a $3.25 target price on the stock. The consensus estimate for New Gold’s current full-year earnings is $0.18 per share. Scotiabank also issued estimates for New Gold’s FY2025 earnings at $0.27 EPS.

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

New Gold Stock Down 3.0 %

NGD stock opened at $2.63 on Monday. New Gold has a twelve month low of $1.09 and a twelve month high of $3.25. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The company has a market cap of $2.08 billion, a PE ratio of 131.50 and a beta of 1.32. The business’s 50-day simple moving average is $2.68 and its 200 day simple moving average is $2.60.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The company had revenue of $252.00 million for the quarter.

Hedge Funds Weigh In On New Gold

A number of institutional investors and hedge funds have recently bought and sold shares of NGD. Morton Capital Management LLC CA increased its stake in shares of New Gold by 18.9% in the third quarter. Morton Capital Management LLC CA now owns 31,494 shares of the company’s stock valued at $91,000 after buying an additional 5,000 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of New Gold by 15.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock worth $93,000 after acquiring an additional 6,252 shares during the last quarter. Captrust Financial Advisors lifted its position in shares of New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after purchasing an additional 6,700 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock valued at $1,084,000 after purchasing an additional 7,394 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC grew its stake in shares of New Gold by 34.6% during the third quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock valued at $101,000 after purchasing an additional 9,000 shares during the last quarter. Institutional investors and hedge funds 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.