New Gold Inc. to Post Q2 2024 Earnings of $0.00 Per Share, Raymond James Forecasts (TSE:NGD)

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Equities research analysts at Raymond James reduced their Q2 2024 EPS estimates for New Gold in a research note issued to investors 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 previous estimate of $0.03. The consensus estimate for New Gold’s current full-year earnings is $0.22 per share.

Several other equities analysts also recently commented on NGD. BMO Capital Markets boosted their price objective on New Gold from C$3.00 to C$3.50 and gave the company an “outperform” rating in a research report on Friday, May 31st. CIBC upgraded New Gold from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from C$2.10 to C$3.00 in a report on Monday, June 3rd. National Bank Financial upgraded New Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. Scotiabank upgraded New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 21st. Finally, National Bankshares raised shares of New Gold from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from C$3.25 to C$3.50 in a research report on Tuesday, May 21st. One equities 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. According to data from MarketBeat.com, New Gold presently has a consensus rating of “Buy” and a consensus target price of C$3.26.

New Gold Price Performance

Shares of New Gold stock opened at C$2.85 on Wednesday. New Gold has a one year low of C$1.17 and a one year high of C$3.35. The stock 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. The stock’s fifty day moving average is C$2.87 and its 200 day moving average is C$2.35. The company has a debt-to-equity ratio of 54.32, a quick ratio of 1.64 and a current ratio of 1.51.

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

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.