Scotiabank Comments on New Gold's FY2024 Earnings (NYSE:NGD)

New Gold Inc. (NYSE:NGD - Free Report) - Equities researchers at Scotiabank boosted their FY2024 earnings estimates for New Gold in a report released on Wednesday, January 8th. Scotiabank analyst E. Winmill now expects that the company will earn $0.17 per share for the year, up from their prior forecast of $0.13. Scotiabank currently has a "Sector Outperform" rating and a $3.25 target price on the stock. The consensus estimate for New Gold's current full-year earnings is $0.18 per share. Scotiabank also issued estimates for New Gold's FY2025 earnings at $0.27 EPS.

New Gold (NYSE:NGD - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%.

Separately, StockNews.com upgraded New Gold from a "hold" rating to a "buy" rating in a report 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 issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $3.41.

New Gold Price Performance

NYSE:NGD opened at $2.71 on Monday. New Gold has a one year low of $1.09 and a one year high of $3.25. The stock has a market cap of $2.14 billion, a PE ratio of 135.50 and a beta of 1.32. 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 50 day moving average price of $2.68 and a 200 day moving average price of $2.60.

Institutional Investors Weigh In On New Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Scientech Research LLC purchased a new position in shares of New Gold during the 2nd quarter worth $28,000. Allworth Financial LP boosted its stake in New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company's stock worth $30,000 after buying an additional 9,418 shares during the period. Eastern Bank purchased a new position in New Gold during the third quarter worth about $33,000. Rathbones Group PLC acquired a new stake in shares of New Gold during the second quarter valued at about $36,000. Finally, NorthCrest Asset Manangement LLC purchased a new stake in shares of New Gold in the 3rd quarter valued at approximately $58,000. Hedge funds and other 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.