FY2024 EPS Estimates for New Gold Increased by Raymond James

New Gold Inc. (NYSE:NGD) – Investment analysts at Raymond James raised their FY2024 earnings per share estimates for shares of New Gold in a research note issued to investors on Monday, February 3rd. Raymond James analyst F. Hamed now anticipates that the company will post earnings of $0.18 per share for the year, up from their previous estimate of $0.17. The consensus estimate for New Gold’s current full-year earnings is $0.18 per share. Raymond James also issued estimates for New Gold’s FY2025 earnings at $0.19 EPS.

Separately, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $3.41.

New Gold Stock Down 3.9 %

Shares of NGD opened at $2.99 on Wednesday. The stock has a 50 day moving average price of $2.75 and a 200 day moving average price of $2.68. New Gold has a one year low of $1.09 and a one year high of $3.25. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 149.50 and a beta of 1.36.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its position in New Gold by 9,360.7% in the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after acquiring an additional 2,664,153 shares during the period. XTX Topco Ltd lifted its stake in shares of New Gold by 294.7% in the 3rd quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock valued at $1,408,000 after purchasing an additional 365,079 shares during the last quarter. Van ECK Associates Corp grew its holdings 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 worth $215,743,000 after purchasing an additional 3,541,882 shares during the period. Dimensional Fund Advisors LP increased its position in shares of New Gold by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock worth $4,670,000 after purchasing an additional 200,799 shares during the last quarter. Finally, Old West Investment Management LLC increased its position in shares of New Gold by 42.9% during the 3rd quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock worth $2,880,000 after purchasing an additional 300,000 shares during 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.