FY2024 Earnings Estimate for New Gold Issued By Scotiabank

New Gold Inc. (NYSE:NGD) – Stock analysts at Scotiabank lifted their FY2024 EPS estimates for New Gold in a report released on Wednesday, January 8th. Scotiabank analyst E. Winmill now forecasts that the company will post earnings per share of $0.17 for the year, up from their previous estimate of $0.13. Scotiabank has a “Sector Outperform” rating and a $3.25 price objective 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 upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $3.41.

New Gold Trading Down 1.1 %

Shares of NYSE:NGD opened at $2.71 on Monday. The stock has a 50 day moving average of $2.68 and a 200 day moving average of $2.60. The company has a market cap of $2.14 billion, a PE ratio of 135.50 and a beta of 1.32. New Gold has a 12-month low of $1.09 and a 12-month high of $3.25. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

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

Institutional Trading of New Gold

Several hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp raised its stake in New Gold by 57.3% during the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after purchasing an additional 5,948,394 shares in the last quarter. Van ECK Associates Corp raised its position in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after buying an additional 3,541,882 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of New Gold by 9,360.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after acquiring an additional 2,664,153 shares during the last quarter. Renaissance Technologies LLC grew its position in New Gold by 13.5% in the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after acquiring an additional 2,399,200 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC bought a new stake in New Gold during the third quarter worth approximately $4,787,000. 42.82% of the stock is owned by hedge funds and other 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.