Research Analysts Issue Forecasts for New Gold Inc.’s FY2024 Earnings (TSE:NGD)

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Investment analysts at National Bank Financial dropped their FY2024 earnings per share (EPS) estimates for shares of New Gold in a report released on Wednesday, July 31st. National Bank Financial analyst M. Parkin now anticipates that the company will post earnings per share of $0.24 for the year, down from their previous estimate of $0.25. National Bank Financial has a “Strong-Buy” rating on the stock. The consensus estimate for New Gold’s current full-year earnings is $0.22 per share. National Bank Financial also issued estimates for New Gold’s FY2026 earnings at $0.44 EPS.

Several other analysts have also commented on NGD. Canaccord Genuity Group raised their price objective on New Gold from C$3.25 to C$4.00 in a report on Tuesday, July 23rd. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. National Bankshares lifted their price target on New Gold from C$4.00 to C$4.25 and gave the stock an “outperform” rating in a research note on Thursday. Bank of America increased their price objective on New Gold from C$1.90 to C$2.30 in a research note on Tuesday, April 9th. Finally, BMO Capital Markets lifted their target price on shares of New Gold from C$4.25 to C$4.50 in a research note on Wednesday. One research analyst has rated the stock with a hold rating, three have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of C$3.61.

New Gold Stock Performance

NGD opened at C$3.02 on Friday. The firm has a fifty day moving average price of C$2.89 and a 200 day moving average price of C$2.40. The stock has a market cap of C$2.08 billion, a P/E ratio of -21.57, 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 debt-to-equity ratio of 54.32, a current ratio of 1.51 and a quick ratio of 1.64.

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.