Raymond James Equities Analysts Boost Earnings Estimates for New Gold Inc. (NYSEAMERICAN:NGD)

New Gold Inc. (NYSEAMERICAN:NGD) – Investment analysts at Raymond James raised their Q2 2024 earnings per share estimates for shares of New Gold in a research note issued on Tuesday, April 23rd. Raymond James analyst F. Hamed now expects that the basic materials company will earn $0.02 per share for the quarter, up from their prior estimate of ($0.01). The consensus estimate for New Gold’s current full-year earnings is $0.09 per share. Raymond James also issued estimates for New Gold’s Q3 2024 earnings at $0.03 EPS, Q4 2024 earnings at $0.06 EPS and FY2024 earnings at $0.10 EPS.

Several other analysts also recently commented on NGD. National Bank Financial reaffirmed a “sector perform spec overwgt” rating on shares of New Gold in a research report on Monday, April 8th. StockNews.com lowered shares of New Gold from a “buy” rating to a “hold” rating in a research report on Sunday, January 14th. Finally, Scotiabank boosted their price objective on New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $1.64.

New Gold Stock Performance

Shares of NGD opened at $1.82 on Friday. The stock has a market cap of $1.26 billion, a PE ratio of -20.22, a P/E/G ratio of 0.56 and a beta of 1.54. The company has a quick ratio of 0.98, a current ratio of 1.54 and a debt-to-equity ratio of 0.51. New Gold has a 1 year low of $0.86 and a 1 year high of $1.94.

New Gold (NYSEAMERICAN:NGD) last announced its quarterly earnings results on Tuesday, February 13th. The basic materials company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). The firm had revenue of $199.20 million during the quarter. New Gold had a negative net margin of 8.20% and a positive return on equity of 5.63%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NGD. Heartland Advisors Inc. purchased a new stake in shares of New Gold in the 3rd quarter worth approximately $3,185,000. Deutsche Bank AG grew its position in shares of New Gold by 24.6% during the third quarter. Deutsche Bank AG now owns 2,824,635 shares of the basic materials company’s stock worth $2,570,000 after purchasing an additional 556,765 shares in the last quarter. Ingalls & Snyder LLC lifted its holdings in shares of New Gold by 116.6% in the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the basic materials company’s stock worth $181,000 after buying an additional 66,667 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of New Gold by 346.6% during the fourth quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the basic materials company’s stock valued at $13,968,000 after purchasing an additional 7,477,711 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of New Gold by 1.0% during the 3rd quarter. American Century Companies Inc. now owns 5,095,417 shares of the basic materials company’s stock worth $4,669,000 after acquiring an additional 48,886 shares in the last quarter. Hedge funds and other 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.