Analysts Issue Forecasts for New Gold Inc.’s Q3 2024 Earnings (NYSE:NGD)

New Gold Inc. (NYSE:NGD) – Stock analysts at Raymond James issued their Q3 2024 earnings estimates for shares of New Gold in a report issued on Monday, September 23rd. Raymond James analyst F. Hamed anticipates that the company will post earnings of $0.03 per share for the quarter. 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 $0.06 EPS, FY2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.06 EPS, Q2 2025 earnings at $0.06 EPS, Q3 2025 earnings at $0.06 EPS, Q4 2025 earnings at $0.06 EPS and FY2025 earnings at $0.25 EPS.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm 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 brokerages have also recently issued reports on NGD. CIBC increased their target price on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Royal Bank of Canada upped their price objective on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Saturday, September 21st. Scotiabank upped their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Finally, Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $2.74.

New Gold Stock Performance

NGD stock opened at $2.96 on Thursday. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. New Gold has a fifty-two week low of $0.86 and a fifty-two week high of $3.25. The business’s 50 day moving average price is $2.53. The firm has a market cap of $2.34 billion, a P/E ratio of -29.55 and a beta of 1.29.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Scientech Research LLC bought a new position in shares of New Gold in the 2nd quarter worth about $28,000. Coppell Advisory Solutions Corp. bought a new position in shares of New Gold during the first quarter valued at approximately $30,000. Rathbones Group PLC purchased a new position in shares of New Gold during the second quarter valued at approximately $36,000. Moloney Securities Asset Management LLC bought a new stake in shares of New Gold in the 1st quarter worth approximately $42,000. Finally, Morton Capital Management LLC CA boosted its position in shares of New Gold by 23.3% in the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after purchasing an additional 5,000 shares in the last quarter. Institutional investors own 42.82% of the company’s stock.

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.