Raymond James Issues Positive Outlook for New Gold Earnings

New Gold Inc. (NYSE:NGD - Free Report) - Raymond James increased their Q3 2024 earnings per share estimates for New Gold in a research report issued to clients and investors on Monday, October 21st. Raymond James analyst F. Hamed now anticipates that the company will post earnings of $0.04 per share for the quarter, up from their previous estimate of $0.03. 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 $0.07 EPS and FY2024 earnings at $0.15 EPS.

New Gold (NYSE:NGD - Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping 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 company had revenue of $218.20 million for the quarter.

Several other analysts have also issued reports on the stock. Cibc World Mkts raised shares of New Gold to a "strong-buy" rating in a research report on Wednesday, July 10th. Scotiabank lifted their price target on New Gold from $2.75 to $3.25 and gave the company a "sector outperform" rating in a research report on Tuesday, September 17th. StockNews.com cut New Gold from a "buy" rating to a "hold" rating in a report on Thursday, October 17th. Royal Bank of Canada lifted their target price on New Gold from $3.00 to $3.50 and gave the company 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 company an "outperformer" rating in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $2.74.

New Gold Trading Down 2.8 %

Shares of NGD stock traded down $0.08 on Wednesday, hitting $2.93. 10,023,012 shares of the stock were exchanged, compared to its average volume of 8,055,659. New Gold has a one year low of $1.03 and a one year high of $3.25. The firm has a 50 day moving average price of $2.77. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -30.05 and a beta of 1.30. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52.

Hedge Funds Weigh In On New Gold

A number of institutional investors have recently made changes to their positions in NGD. Eastern Bank purchased a new position in shares of New Gold during the 3rd quarter valued at about $33,000. Scientech Research LLC bought a new stake in New Gold in the second quarter worth $28,000. Coppell Advisory Solutions Corp. purchased a new stake in New Gold during the first quarter valued at about $30,000. Rathbones Group PLC purchased a new stake in New Gold during the 2nd quarter valued at about $36,000. Finally, Moloney Securities Asset Management LLC purchased a new position in shares of New Gold in the first quarter worth $42,000. Institutional investors own 42.82% 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.