New Gold FY2024 EPS Raised by National Bank Financial

New Gold Inc. (NYSE:NGD) – Investment analysts at National Bank Financial boosted their FY2024 earnings estimates for shares of New Gold in a report released on Wednesday, October 30th. National Bank Financial analyst M. Parkin now expects that the company will post earnings of $0.21 per share for the year, up from their previous forecast of $0.18. The consensus estimate for New Gold’s current full-year earnings is $0.15 per share. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.41 EPS.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. New Gold had a net margin of 2.33% and a return on equity of 8.56%. The business had revenue of $218.20 million during the quarter.

A number of other equities analysts have also recently commented on NGD. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a research 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 research report on Tuesday, September 10th. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. CIBC boosted their price objective on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Finally, Scotiabank lifted 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. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $3.08.

New Gold Price Performance

Shares of NYSE:NGD opened at $2.74 on Friday. New Gold has a 1 year low of $1.09 and a 1 year high of $3.25. The company has a market capitalization of $2.16 billion, a PE ratio of 25.91 and a beta of 1.30. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.98. The company has a 50 day moving average price of $2.81.

Institutional Investors Weigh In On New Gold

A number of large investors have recently bought and sold shares of NGD. Morton Capital Management LLC CA raised its holdings 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 acquiring an additional 5,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of New Gold by 15.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock worth $93,000 after purchasing an additional 6,252 shares during the last quarter. Kohmann Bosshard Financial Services LLC lifted its holdings in shares of New Gold by 34.6% in the third quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock valued at $101,000 after purchasing an additional 9,000 shares in the last quarter. Allworth Financial LP boosted its position in shares of New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after buying an additional 9,418 shares during the last quarter. Finally, Eastern Bank bought a new stake in New Gold during the third quarter worth $33,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.