Q4 2024 Earnings Forecast for New Gold Inc. Issued By Raymond James (NYSE:NGD)

New Gold Inc. (NYSE:NGD) – Analysts at Raymond James dropped their Q4 2024 EPS estimates for New Gold in a report issued on Wednesday, May 22nd. Raymond James analyst F. Hamed now forecasts that the company will post earnings per share of $0.05 for the quarter, down from their prior estimate of $0.06. The consensus estimate for New Gold’s current full-year earnings is $0.12 per share. Raymond James also issued estimates for New Gold’s FY2025 earnings at $0.14 EPS.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $192.10 million for the quarter. New Gold had a positive return on equity of 5.23% and a negative net margin of 9.81%.

A number of other brokerages also recently issued reports on NGD. National Bank Financial raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research report on Monday, May 20th. TD Securities upgraded New Gold from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Finally, Scotiabank raised New Gold from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $2.00 to $2.25 in a research report on Tuesday, May 21st. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1.69.

New Gold Trading Up 6.9 %

Shares of New Gold stock opened at $2.11 on Monday. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of -21.05 and a beta of 1.53. New Gold has a one year low of $0.86 and a one year high of $2.19. The company has a quick ratio of 0.89, a current ratio of 1.51 and a debt-to-equity ratio of 0.54.

Institutional Investors Weigh In On New Gold

A number of institutional investors and hedge funds have recently modified their holdings of the company. Coppell Advisory Solutions Corp. purchased a new position in shares of New Gold during the first quarter worth $30,000. Moloney Securities Asset Management LLC purchased a new position in shares of New Gold during the 1st quarter valued at about $42,000. Independent Family Office LLC purchased a new position in shares of New Gold during the 4th quarter valued at about $123,000. Baader Bank Aktiengesellschaft lifted its holdings in shares of New Gold by 812.7% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock valued at $132,000 after buying an additional 81,267 shares during the period. Finally, Ingalls & Snyder LLC boosted its stake in shares of New Gold by 116.6% in the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock worth $181,000 after buying an additional 66,667 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.