Scotiabank Estimates New Gold’s FY2024 Earnings (NYSE:NGD)

New Gold Inc. (NYSE:NGD) – Scotiabank raised their FY2024 earnings per share estimates for New Gold in a research note issued on Wednesday, January 8th. Scotiabank analyst E. Winmill now expects that the company will post earnings per share of $0.17 for the year, up from their prior estimate of $0.13. Scotiabank has a “Sector Outperform” rating and a $3.25 price target on the stock. The consensus estimate for New Gold’s current full-year earnings is $0.18 per share. Scotiabank also issued estimates for New Gold’s FY2025 earnings at $0.27 EPS.

Separately, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $3.41.

New Gold Stock Performance

New Gold stock opened at $2.77 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. New Gold has a 12 month low of $1.09 and a 12 month high of $3.25. The company has a fifty day moving average price of $2.68 and a two-hundred day moving average price of $2.61. The company has a market cap of $2.19 billion, a PE ratio of 138.50 and a beta of 1.34.

New Gold (NYSE:NGD) last issued its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The company had revenue of $252.00 million during the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%.

Hedge Funds Weigh In On New Gold

Several hedge funds have recently modified their holdings of NGD. Scientech Research LLC acquired a new stake in shares of New Gold in the second quarter valued at $28,000. Allworth Financial LP raised its position in New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after acquiring an additional 9,418 shares in the last quarter. Eastern Bank acquired a new stake in New Gold in the 3rd quarter valued at about $33,000. Rathbones Group PLC bought a new position in shares of New Gold during the 2nd quarter valued at about $36,000. Finally, NorthCrest Asset Manangement LLC acquired a new position in shares of New Gold in the 3rd quarter worth approximately $58,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.