Research Analysts Issue Forecasts for New Gold Q3 Earnings

New Gold Inc. (NYSE:NGD) – Stock analysts at National Bank Financial issued their Q3 2024 earnings estimates for shares of New Gold in a research report issued to clients and investors on Tuesday, October 22nd. National Bank Financial analyst M. Parkin expects that the company will post earnings per share of $0.04 for the quarter. The consensus estimate for New Gold’s current full-year earnings is $0.15 per share.

A number of other research analysts also recently commented on the stock. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. StockNews.com downgraded shares of New Gold from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. CIBC increased their price objective on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Royal Bank of Canada raised their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, Scotiabank raised their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $2.74.

New Gold Price Performance

NYSE NGD opened at $2.93 on Thursday. New Gold has a 12 month low of $1.03 and a 12 month high of $3.25. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. The company has a market cap of $2.32 billion, a P/E ratio of -29.30 and a beta of 1.30. The company’s fifty day moving average is $2.79.

New Gold (NYSE:NGD) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $218.20 million during the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%.

Institutional Trading of New Gold

Hedge funds have recently bought and sold shares of the company. Scientech Research LLC bought a new stake in New Gold in the 2nd quarter valued at about $28,000. Coppell Advisory Solutions Corp. bought a new stake in New Gold in the 1st quarter valued at about $30,000. Allworth Financial LP lifted its position in New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after purchasing an additional 9,418 shares during the last quarter. Eastern Bank bought a new stake in New Gold in the 3rd quarter valued at about $33,000. Finally, Rathbones Group PLC bought a new stake in New Gold in the 2nd quarter valued at about $36,000. 42.82% of the stock is currently owned by institutional investors.

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.