Raymond James Comments on New Gold’s Q3 Earnings (TSE:NGD)

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Raymond James upped their Q3 2024 earnings per share (EPS) estimates for New Gold in a research report issued on Monday, October 21st. Raymond James analyst F. Hamed now expects that the company will earn $0.06 per share for the quarter, up from their previous forecast of $0.04. Raymond James also issued estimates for New Gold’s Q4 2024 earnings at $0.10 EPS and FY2024 earnings at $0.21 EPS.

Several other research analysts have also weighed in on the company. National Bankshares upped their target price on New Gold from C$4.00 to C$4.25 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Canaccord Genuity Group increased their price objective on New Gold from C$4.00 to C$4.50 and gave the company a “buy” rating in a report on Thursday, August 22nd. Cibc World Mkts raised New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, BMO Capital Markets increased their price objective on New Gold from C$4.25 to C$4.50 in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of C$3.71.

New Gold Price Performance

The company has a debt-to-equity ratio of 52.45, a quick ratio of 1.64 and a current ratio of 1.50. New Gold has a 52-week low of C$1.44 and a 52-week high of C$4.37. The business has a fifty day moving average price of C$3.76 and a 200-day moving average price of C$3.11. The firm has a market cap of C$3.21 billion, a price-to-earnings ratio of -101.00, a P/E/G ratio of -3.02 and a beta of 1.59.

New Gold (TSE:NGD) (ARCA:NGD) last announced its quarterly earnings data on Tuesday, July 30th. The company reported C$0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.02 by C$0.01. The firm had revenue of C$298.55 million during the quarter. New Gold had a negative return on equity of 2.23% and a negative net margin of 2.53%.

Insider Activity at New Gold

In other news, Senior Officer Sean William Keating sold 45,833 shares of New Gold stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of C$4.17, for a total value of C$191,123.61. Insiders own 4.92% 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.