Raymond James Has Positive Forecast for New Gold Q4 Earnings

New Gold Inc. (NYSE:NGD) – Equities research analysts at Raymond James upped their Q4 2024 earnings estimates for shares of New Gold in a note issued to investors on Monday, February 3rd. Raymond James analyst F. Hamed now expects that the company will earn $0.06 per share for the quarter, up from their previous forecast of $0.05. The consensus estimate for New Gold’s current full-year earnings is $0.18 per share. Raymond James also issued estimates for New Gold’s Q1 2025 earnings at $0.03 EPS, Q2 2025 earnings at $0.05 EPS, Q3 2025 earnings at $0.05 EPS and Q4 2025 earnings at $0.05 EPS.

Separately, StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $3.41.

New Gold Trading Up 2.6 %

Shares of NGD stock opened at $3.11 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 155.50 and a beta of 1.36. New Gold has a 52-week low of $1.09 and a 52-week high of $3.25. The company has a 50-day simple moving average of $2.74 and a two-hundred day simple moving average of $2.68.

Institutional Trading of New Gold

Several hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets grew its position in shares of New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after acquiring an additional 2,664,153 shares during the period. XTX Topco Ltd lifted its stake in New Gold by 294.7% in the third quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock valued at $1,408,000 after purchasing an additional 365,079 shares during the last quarter. Van ECK Associates Corp grew its holdings in New Gold by 5.0% during the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after purchasing an additional 3,541,882 shares during the period. Dimensional Fund Advisors LP increased its position in New Gold by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock worth $4,670,000 after buying an additional 200,799 shares during the last quarter. Finally, Old West Investment Management LLC increased its position in New Gold by 42.9% in the third quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock worth $2,880,000 after buying an additional 300,000 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

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.