Q3 Earnings Estimate for New Gold Issued By Raymond James

New Gold Inc. (NYSE:NGD) – Raymond James upped their Q3 2024 earnings per share estimates for shares of New Gold in a report released on Monday, October 21st. Raymond James analyst F. Hamed now expects that the company will post earnings per share of $0.04 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 announced its earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $218.20 million during the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%.

A number of other equities research analysts also recently issued reports on the company. Scotiabank boosted their price target on 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 boosted their target price on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. StockNews.com downgraded shares of New Gold from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. Finally, CIBC upped their price objective on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, New Gold presently has an average rating of “Moderate Buy” and an average price target of $2.74.

New Gold Stock Performance

New Gold stock 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 firm’s fifty day moving average price is $2.77. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. The stock has a market capitalization of $2.38 billion, a PE ratio of -30.05 and a beta of 1.30.

Institutional Trading of New Gold

Several institutional investors and hedge funds have recently modified their holdings of the company. Eastern Bank purchased a new stake in New Gold in the 3rd quarter worth $33,000. Scientech Research LLC purchased a new stake in shares of New Gold during the second quarter worth about $28,000. Coppell Advisory Solutions Corp. purchased a new stake in shares of New Gold during the first quarter worth about $30,000. Rathbones Group PLC bought a new stake in New Gold during the 2nd quarter valued at approximately $36,000. Finally, Moloney Securities Asset Management LLC purchased a new position in New Gold in the 1st quarter worth approximately $42,000. 42.82% of the stock is currently owned by institutional investors.

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.