Equities Analysts Issue Forecasts for New Gold Inc.’s Q1 2024 Earnings (NYSEAMERICAN:NGD)

New Gold Inc. (NYSEAMERICAN:NGD – Get Rating) – Research analysts at Raymond James issued their Q1 2024 earnings per share (EPS) estimates for New Gold in a research report issued on Thursday, May 18th. Raymond James analyst F. Hamed forecasts that the basic materials company will post earnings per share of $0.00 for the quarter. The consensus estimate for New Gold’s current full-year earnings is $0.07 per share. Raymond James also issued estimates for New Gold’s Q2 2024 earnings at $0.00 EPS, Q3 2024 earnings at $0.00 EPS and Q4 2024 earnings at $0.00 EPS.

A number of other equities analysts have also weighed in on NGD. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, April 28th. TD Securities decreased their price objective on shares of New Gold from $0.95 to $0.90 and set a “reduce” rating for the company in a report on Friday, February 17th. TheStreet lowered shares of New Gold from a “c” rating to a “d” rating in a research note on Tuesday, February 21st. Finally, Scotiabank initiated coverage on shares of New Gold in a research note on Friday, March 3rd. They set a “sector perform” rating for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $1.48.

New Gold Stock Performance

NGD stock opened at $1.30 on Monday. The firm’s 50 day simple moving average is $1.10. New Gold has a 52-week low of $0.61 and a 52-week high of $1.48. The stock has a market capitalization of $887.64 million, a price-to-earnings ratio of -13.00, a price-to-earnings-growth ratio of 3.87 and a beta of 1.53. The company has a quick ratio of 1.53, a current ratio of 2.20 and a debt-to-equity ratio of 0.41.

New Gold (NYSEAMERICAN:NGD – Get Rating) last released its earnings results on Wednesday, April 26th. The basic materials company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.02. New Gold had a negative net margin of 14.38% and a negative return on equity of 1.81%. The firm had revenue of $201.60 million during the quarter.

Institutional Trading of New Gold

Several hedge funds have recently bought and sold shares of the stock. EdgePoint Investment Group Inc. purchased a new stake in shares of New Gold during the 3rd quarter valued at about $9,586,000. Van ECK Associates Corp raised its position in shares of New Gold by 9.0% during the 1st quarter. Van ECK Associates Corp now owns 72,242,626 shares of the basic materials company’s stock valued at $79,467,000 after buying an additional 5,959,821 shares in the last quarter. Herr Investment Group LLC purchased a new stake in shares of New Gold during the 4th quarter valued at about $5,320,000. Invesco Ltd. raised its position in New Gold by 48.4% in the 1st quarter. Invesco Ltd. now owns 16,612,687 shares of the basic materials company’s stock worth $29,903,000 after purchasing an additional 5,421,488 shares during the period. Finally, U S Global Investors Inc. purchased a new stake in New Gold in the 3rd quarter worth about $2,811,000. Hedge funds and other institutional investors own 31.92% of the company’s stock.

New Gold Company Profile

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New Gold, Inc is a gold mining company, which engages in the operation, development and exploration of mineral properties. Its portfolio includes Rainy RIver, New Afton, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.