FY2024 EPS Estimates for New Gold Inc. (NYSE:NGD) Boosted by National Bank Financial

New Gold Inc. (NYSE:NGD) – Stock analysts at National Bank Financial raised their FY2024 EPS estimates for shares of New Gold in a report released on Wednesday, May 1st. National Bank Financial analyst M. Parkin now anticipates that the company will earn $0.17 per share for the year, up from their prior forecast of $0.07. National Bank Financial has a “Sector Perform Spec Overwgt” rating on the stock. The consensus estimate for New Gold’s current full-year earnings is $0.14 per share. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.24 EPS.

Other analysts have also recently issued research reports about the stock. Scotiabank raised their target price on shares of New Gold from $1.65 to $2.00 and gave the stock a “sector perform” rating in a research note on Monday, April 8th. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $1.64.

New Gold Stock Performance

NGD stock opened at $1.87 on Monday. New Gold has a one year low of $0.86 and a one year high of $1.95. The firm has a market capitalization of $1.29 billion, a PE ratio of -18.65, a PEG ratio of 0.36 and a beta of 1.53. The company has a quick ratio of 0.89, a current ratio of 1.51 and a debt-to-equity ratio of 0.54.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $192.10 million during the quarter. New Gold had a negative net margin of 9.81% and a positive return on equity of 5.23%.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Moloney Securities Asset Management LLC acquired a new stake in shares of New Gold in the first quarter valued at about $42,000. First Citizens Bank & Trust Co. acquired a new stake in shares of New Gold in the third quarter valued at about $61,000. Independent Family Office LLC acquired a new stake in shares of New Gold in the fourth quarter valued at about $123,000. Baader Bank Aktiengesellschaft lifted its stake in shares of New Gold by 812.7% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock valued at $132,000 after purchasing an additional 81,267 shares during the period. Finally, Ingalls & Snyder LLC lifted its stake in shares of New Gold by 116.6% in the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock valued at $181,000 after purchasing an additional 66,667 shares during the period. 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.