FY2024 EPS Estimates for New Gold Increased by Raymond James

New Gold Inc. (NYSE:NGD - Free Report) - Research analysts at Raymond James lifted their FY2024 earnings per share estimates for New Gold in a report issued on Monday, February 3rd. Raymond James analyst F. Hamed now expects that the company will earn $0.18 per share for the year, up from their prior forecast of $0.17. The consensus estimate for New Gold's current full-year earnings is $0.19 per share. Raymond James also issued estimates for New Gold's FY2025 earnings at $0.19 EPS.

Separately, StockNews.com upgraded 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 issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $3.41.

New Gold Stock Up 0.3 %

NGD traded up $0.01 on Wednesday, reaching $3.00. The company's stock had a trading volume of 20,274,910 shares, compared to its average volume of 12,047,506. The stock has a 50 day moving average of $2.75 and a two-hundred day moving average of $2.68. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 150.00 and a beta of 1.36. New Gold has a fifty-two week low of $1.09 and a fifty-two week high of $3.25.

Institutional Investors Weigh In On New Gold

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in shares of New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock worth $3,669,000 after purchasing an additional 4,500 shares during the last quarter. Oxbow Advisors LLC raised its stake in shares of New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock worth $687,000 after purchasing an additional 4,624 shares during the last quarter. Morton Capital Management LLC CA raised its stake in shares of New Gold by 18.9% during the third quarter. Morton Capital Management LLC CA now owns 31,494 shares of the company's stock worth $91,000 after purchasing an additional 5,000 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock worth $125,000 after purchasing an additional 5,331 shares during the last quarter. Finally, Captrust Financial Advisors raised its stake in shares of New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company's stock worth $129,000 after purchasing an additional 6,700 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.