Raymond James Comments on New Gold Inc.'s Q3 2024 Earnings (TSE:NGD)

New Gold Inc. (TSE:NGD - Free Report) ARCA: NGD - Raymond James issued their Q3 2024 earnings per share (EPS) estimates for New Gold in a research report issued to clients and investors on Monday, September 23rd. Raymond James analyst F. Hamed expects that the company will post earnings per share of $0.04 for the quarter. The consensus estimate for New Gold's current full-year earnings is $0.37 per share. Raymond James also issued estimates for New Gold's Q4 2024 earnings at $0.08 EPS, FY2024 earnings at $0.19 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.08 EPS, Q3 2025 earnings at $0.08 EPS, Q4 2025 earnings at $0.08 EPS and FY2025 earnings at $0.34 EPS.

New Gold (TSE:NGD - Get Free Report) ARCA: NGD last posted its earnings results on Tuesday, July 30th. The company reported C$0.03 EPS for the quarter, topping the consensus estimate of C$0.02 by C$0.01. The firm had revenue of C$298.55 million for the quarter. New Gold had a negative return on equity of 2.23% and a negative net margin of 2.53%.

Several other analysts have also commented on NGD. Canaccord Genuity Group raised their target price on New Gold from C$4.00 to C$4.50 and gave the stock a "buy" rating in a report on Thursday, August 22nd. BMO Capital Markets raised their price objective on New Gold from C$4.25 to C$4.50 in a report on Wednesday, July 31st. National Bankshares raised their price objective on New Gold from C$4.00 to C$4.25 and gave the company an "outperform" rating in a report on Thursday, August 1st. CIBC raised New Gold from a "neutral" rating to an "outperform" rating and raised their price objective for the company from C$2.10 to C$3.00 in a report on Monday, June 3rd. Finally, Cibc World Mkts raised New Gold to a "strong-buy" rating in a report on Wednesday, July 10th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of C$3.71.

New Gold Stock Performance

New Gold stock traded down C$0.05 during midday trading on Thursday, hitting C$4.20. 1,597,497 shares of the company were exchanged, compared to its average volume of 1,448,193. The firm has a market capitalization of C$3.32 billion, a PE ratio of -105.00, a price-to-earnings-growth ratio of -3.02 and a beta of 1.57. New Gold has a fifty-two week low of C$1.17 and a fifty-two week high of C$4.37. The business has a fifty day simple moving average of C$3.43 and a two-hundred day simple moving average of C$2.90. The company has a debt-to-equity ratio of 52.45, a quick ratio of 1.64 and a current ratio of 1.50.

Insider Buying and Selling

In related news, Senior Officer Sean William Keating sold 45,833 shares of New Gold stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of C$4.17, for a total transaction of C$191,123.61. 4.92% of the stock is currently owned by company insiders.

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.