Equities Analysts Offer Predictions for New Gold Inc.’s Q2 2024 Earnings (TSE:NGD)

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Equities research analysts at Raymond James reduced their Q2 2024 earnings per share estimates for shares of New Gold in a research report issued on Monday, July 22nd. Raymond James analyst F. Hamed now anticipates that the company will post earnings per share of $0.00 for the quarter, down from their prior estimate of $0.03. The consensus estimate for New Gold’s current full-year earnings is $0.22 per share.

New Gold (TSE:NGD) (ARCA:NGD) last announced its earnings results on Tuesday, April 30th. The company reported C$0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.01 by C$0.02. The company had revenue of C$258.98 million for the quarter. New Gold had a negative return on equity of 9.44% and a negative net margin of 9.81%.

Several other brokerages have also recently commented on NGD. Scotiabank raised New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 21st. Bank of America raised their price target on New Gold from C$1.90 to C$2.30 in a report on Tuesday, April 9th. TD Securities upgraded shares of New Gold from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 21st. National Bankshares raised shares of New Gold from a “sector perform” rating to an “outperform” rating and upped their target price for the company from C$3.25 to C$3.50 in a research note on Tuesday, May 21st. Finally, CIBC upgraded shares of New Gold from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from C$2.10 to C$3.00 in a report on Monday, June 3rd. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of C$3.26.

New Gold Stock Down 3.4 %

Shares of New Gold stock opened at C$2.85 on Wednesday. The stock has a 50-day moving average price of C$2.87 and a 200 day moving average price of C$2.35. The company has a market cap of C$1.97 billion, a P/E ratio of -20.36, a P/E/G ratio of -3.02 and a beta of 1.60. New Gold has a 1 year low of C$1.17 and a 1 year high of C$3.35. The company has a current ratio of 1.51, a quick ratio of 1.64 and a debt-to-equity ratio of 54.32.

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.