New Gold Inc. to Post Q2 2024 Earnings of $0.00 Per Share, Raymond James Forecasts (NYSE:NGD)

New Gold Inc. (NYSE:NGD) – Research analysts at Raymond James cut their Q2 2024 earnings per share (EPS) estimates for New Gold in a research note issued on Monday, July 22nd. Raymond James analyst F. Hamed now expects that the company will post earnings of $0.00 per share for the quarter, down from their previous forecast of $0.02. The consensus estimate for New Gold’s current full-year earnings is $0.15 per share.

New Gold (NYSE:NGD) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The company had revenue of $192.10 million for the quarter. New Gold had a positive return on equity of 5.23% and a negative net margin of 9.81%.

A number of other research analysts have also issued reports on NGD. National Bank Financial raised New Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. BMO Capital Markets started coverage on New Gold in a report on Friday, May 31st. They issued an “outperform” rating and a $3.50 target price on the stock. CIBC lifted their price target on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. TD Securities upgraded New Gold from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Finally, Scotiabank upgraded New Gold from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $2.00 to $2.25 in a research note on Tuesday, May 21st. Four analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, New Gold currently has a consensus rating of “Moderate Buy” and an average target price of $2.18.

New Gold Trading Down 3.7 %

NYSE:NGD opened at $2.07 on Wednesday. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -20.70 and a beta of 1.32. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.89 and a current ratio of 1.51. The company has a 50 day moving average of $2.09. New Gold has a 12-month low of $0.86 and a 12-month high of $2.46.

Institutional Trading of New Gold

A number of institutional investors have recently bought and sold shares of NGD. American Century Companies Inc. boosted its position in New Gold by 1.0% during the third quarter. American Century Companies Inc. now owns 5,095,417 shares of the company’s stock worth $4,669,000 after purchasing an additional 48,886 shares in the last quarter. U S Global Investors Inc. boosted its position in New Gold by 22.5% during the fourth quarter. U S Global Investors Inc. now owns 3,144,658 shares of the company’s stock worth $4,591,000 after purchasing an additional 577,757 shares in the last quarter. HC Advisors LLC boosted its position in New Gold by 13.4% during the fourth quarter. HC Advisors LLC now owns 214,559 shares of the company’s stock worth $313,000 after purchasing an additional 25,300 shares in the last quarter. Ingalls & Snyder LLC boosted its position in New Gold by 116.6% during the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock worth $181,000 after purchasing an additional 66,667 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its position in New Gold by 346.6% during the fourth quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the company’s stock worth $13,968,000 after purchasing an additional 7,477,711 shares in the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.