Raymond James Has Positive Forecast for New Gold Q3 Earnings

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Analysts at Raymond James lifted their Q3 2024 earnings per share (EPS) estimates for New Gold in a research note issued to investors on Monday, October 21st. Raymond James analyst F. Hamed now expects that the company will earn $0.06 per share for the quarter, up from their prior forecast of $0.04. Raymond James also issued estimates for New Gold’s Q4 2024 earnings at $0.10 EPS and FY2024 earnings at $0.21 EPS.

New Gold (TSE:NGD) (ARCA:NGD) last announced its quarterly earnings data on Tuesday, July 30th. The company reported C$0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.02 by C$0.01. The firm had revenue of C$298.55 million during the quarter. New Gold had a negative net margin of 2.53% and a negative return on equity of 2.23%.

A number of other equities analysts have also weighed in on NGD. Cibc World Mkts raised New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. BMO Capital Markets lifted their price objective on shares of New Gold from C$4.25 to C$4.50 in a research report on Wednesday, July 31st. National Bankshares boosted their target price on shares of New Gold from C$4.00 to C$4.25 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Finally, Canaccord Genuity Group raised their target price on shares of New Gold from C$4.00 to C$4.50 and gave the company a “buy” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of C$3.71.

New Gold Trading Up 1.0 %

Shares of NGD stock opened at C$4.15 on Wednesday. The company has a debt-to-equity ratio of 52.45, a quick ratio of 1.64 and a current ratio of 1.50. The stock has a fifty day simple moving average of C$3.74 and a two-hundred day simple moving average of C$3.10. The firm has a market capitalization of C$3.28 billion, a PE ratio of -103.75, a PEG ratio of -3.02 and a beta of 1.59. New Gold has a 52-week low of C$1.42 and a 52-week high of C$4.37.

Insider Activity at New Gold

In other New Gold news, Senior Officer Sean William Keating sold 45,833 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of C$4.17, for a total transaction of C$191,123.61. 4.92% of the stock is currently owned by insiders.

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.