FY2024 EPS Estimates for New Gold Increased by Analyst

New Gold Inc. (NYSE:NGD) – Equities researchers at National Bank Financial boosted their FY2024 EPS estimates for shares of New Gold in a report issued on Wednesday, October 30th. National Bank Financial analyst M. Parkin now expects that the company will earn $0.21 per share for the year, up from their prior estimate of $0.18. The consensus estimate for New Gold’s current full-year earnings is $0.15 per share. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.41 EPS.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. The business had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 8.56%.

Other analysts also recently issued reports about the stock. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Scotiabank increased their target price on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research report on Tuesday, September 17th. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. CIBC raised their price objective on shares of New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada increased their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $3.08.

New Gold Price Performance

NGD stock opened at $2.76 on Friday. The company has a fifty day simple moving average of $2.81. New Gold has a 12 month low of $1.09 and a 12 month high of $3.25. The stock has a market cap of $2.18 billion, a P/E ratio of 138.50 and a beta of 1.30. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.98.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp lifted its stake in New Gold by 57.3% in the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after acquiring an additional 5,948,394 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after acquiring an additional 3,541,882 shares during the period. Renaissance Technologies LLC increased its holdings in shares of New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after acquiring an additional 2,399,200 shares during the period. Herr Investment Group LLC increased its holdings in shares of New Gold by 40.4% in the 2nd quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock valued at $10,160,000 after acquiring an additional 1,499,745 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in shares of New Gold by 196.2% in the 2nd quarter. CIBC Asset Management Inc now owns 2,060,975 shares of the company’s stock valued at $4,065,000 after acquiring an additional 1,365,089 shares during the period. 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.