National Bank Financial Comments on New Gold FY2024 Earnings

New Gold Inc. (NYSE:NGD - Free Report) - National Bank Financial decreased their FY2024 earnings per share (EPS) estimates for shares of New Gold in a research note issued to investors on Monday, February 10th. National Bank Financial analyst M. Parkin now forecasts that the company will earn $0.19 per share for the year, down from their prior forecast of $0.21. The consensus estimate for New Gold's current full-year earnings is $0.19 per share. National Bank Financial also issued estimates for New Gold's FY2025 earnings at $0.35 EPS.

Several other research firms also recently commented on NGD. Scotiabank upped their price target on shares of New Gold from $3.50 to $4.00 and gave the company a "sector outperform" rating in a research report on Thursday. StockNews.com upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, New Gold currently has an average rating of "Buy" and an average target price of $3.60.

New Gold Stock Performance

NYSE NGD traded down $0.12 on Thursday, reaching $2.91. The stock had a trading volume of 12,180,095 shares, compared to its average volume of 12,047,506. 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 cap of $2.30 billion, a P/E ratio of 145.50 and a beta of 1.36. The business's 50-day moving average price is $2.77 and its 200 day moving average price is $2.73. New Gold has a 12-month low of $1.10 and a 12-month high of $3.25.

Hedge Funds Weigh In On New Gold

A number of large investors have recently bought and sold shares of NGD. SG Americas Securities LLC increased its stake in shares of New Gold by 49.9% during the third quarter. SG Americas Securities LLC now owns 145,990 shares of the company's stock worth $420,000 after acquiring an additional 48,614 shares during the period. Kohmann Bosshard Financial Services LLC increased its position in New Gold by 34.6% during the 3rd quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company's stock worth $101,000 after purchasing an additional 9,000 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of New Gold by 684.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company's stock worth $4,255,000 after buying an additional 1,279,500 shares in the last quarter. Eastern Bank purchased a new stake in shares of New Gold in the third quarter valued at approximately $33,000. Finally, DORCHESTER WEALTH MANAGEMENT Co purchased a new stake in shares of New Gold in the third quarter valued at approximately $592,000. 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.