Q3 Earnings Estimate for New Gold Issued By Raymond James

New Gold Inc. (NYSE:NGD) – Analysts at Raymond James increased their Q3 2024 earnings per share estimates for New Gold in a research note issued to 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) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $218.20 million for the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%.

Several other equities analysts have also recently issued reports on the company. StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. CIBC upped 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. Scotiabank lifted 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 note on Tuesday, September 17th. Royal Bank of Canada increased their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Finally, Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a 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 given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $2.74.

New Gold Price Performance

NGD opened at $3.01 on Wednesday. New Gold has a one year low of $1.03 and a one year high of $3.25. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. The firm’s 50 day simple moving average is $2.77. The company has a market cap of $2.38 billion, a price-to-earnings ratio of -30.05 and a beta of 1.30.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NGD. Dimensional Fund Advisors LP grew its stake in shares of New Gold by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock worth $4,670,000 after acquiring an additional 200,799 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in New Gold during the 1st quarter valued at about $1,074,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in New Gold during the 2nd quarter valued at about $458,000. Pekin Hardy Strauss Inc. purchased a new position in New Gold in the second quarter worth about $356,000. Finally, SG Americas Securities LLC lifted its stake in shares of New Gold by 49.9% in the third quarter. SG Americas Securities LLC now owns 145,990 shares of the company’s stock worth $420,000 after buying an additional 48,614 shares in the last quarter. 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.