New Gold Inc. (NYSE:NGD) Expected to Earn Q3 2024 Earnings of $0.03 Per Share

New Gold Inc. (NYSE:NGD - Free Report) - Research analysts at Raymond James issued their Q3 2024 earnings estimates for shares of New Gold in a note issued to investors on Monday, September 23rd. Raymond James analyst F. Hamed expects that the company will earn $0.03 per share for the quarter. The consensus estimate for New Gold's current full-year earnings is $0.15 per share. Raymond James also issued estimates for New Gold's Q4 2024 earnings at $0.06 EPS, FY2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.06 EPS, Q2 2025 earnings at $0.06 EPS, Q3 2025 earnings at $0.06 EPS, Q4 2025 earnings at $0.06 EPS and FY2025 earnings at $0.25 EPS.

A number of other research analysts also recently weighed in on NGD. 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. BMO Capital Markets began coverage on shares of New Gold in a report on Friday, May 31st. They issued an "outperform" rating and a $3.50 price objective for the company. Cibc World Mkts raised shares of New Gold to a "strong-buy" rating in a report on Wednesday, July 10th. Royal Bank of Canada raised their price objective on shares of New Gold from $3.00 to $3.50 and gave the stock an "outperform" rating in a report on Tuesday, September 10th. Finally, 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 report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $2.74.

New Gold Price Performance

Shares of New Gold stock traded down $0.03 on Thursday, reaching $3.11. 8,845,354 shares of the company traded hands, compared to its average volume of 7,979,062. New Gold has a 52 week low of $0.86 and a 52 week high of $3.25. The business has a 50 day moving average of $2.52. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of -31.10 and a beta of 1.29. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52.

New Gold (NYSE:NGD - Get Free Report) last released its earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The firm had revenue of $218.20 million during the quarter.

Institutional Trading of New Gold

Institutional investors and hedge funds have recently bought and sold shares of the company. Scientech Research LLC purchased a new stake in shares of New Gold during the 2nd quarter valued at $28,000. Coppell Advisory Solutions Corp. purchased a new stake in shares of New Gold during the 1st quarter valued at $30,000. Rathbones Group PLC purchased a new stake in shares of New Gold during the 2nd quarter valued at $36,000. Moloney Securities Asset Management LLC purchased a new stake in shares of New Gold during the 1st quarter valued at $42,000. Finally, Morton Capital Management LLC CA raised its position in shares of New Gold by 23.3% during the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company's stock valued at $52,000 after buying an additional 5,000 shares in the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.