New Gold Inc. (NYSEAMERICAN:NGD) to Post FY2024 Earnings of $0.07 Per Share, National Bank Financial Forecasts

New Gold Inc. (NYSEAMERICAN:NGD) – National Bank Financial cut their FY2024 EPS estimates for New Gold in a research note issued to investors on Thursday, April 18th. National Bank Financial analyst M. Parkin now forecasts that the basic materials company will post earnings per share of $0.07 for the year, down from their prior forecast of $0.09. National Bank Financial currently has a “Sector Perform Spec Overwgt” rating on the stock. The consensus estimate for New Gold’s current full-year earnings is $0.04 per share. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.15 EPS.

A number of other research analysts have also recently weighed in on the stock. StockNews.com cut shares of New Gold from a “buy” rating to a “hold” rating in a report on Sunday, January 14th. Scotiabank lifted their price objective on shares of New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $1.64.

New Gold Stock Performance

Shares of NGD stock opened at $1.72 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.54 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $1.19 billion, a P/E ratio of -19.11, a price-to-earnings-growth ratio of 1.16 and a beta of 1.54. New Gold has a fifty-two week low of $0.86 and a fifty-two week high of $1.94.

New Gold (NYSEAMERICAN:NGD) last announced its quarterly earnings results on Tuesday, February 13th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). The company had revenue of $199.20 million for the quarter. New Gold had a negative net margin of 8.20% and a positive return on equity of 5.63%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. First Citizens Bank & Trust Co. purchased a new position in New Gold in the third quarter worth approximately $61,000. Independent Family Office LLC purchased a new position in New Gold in the fourth quarter worth approximately $123,000. Baader Bank Aktiengesellschaft lifted its position in shares of New Gold by 812.7% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the basic materials company’s stock worth $132,000 after buying an additional 81,267 shares during the last quarter. Ingalls & Snyder LLC lifted its position in shares of New Gold by 116.6% during the 4th quarter. Ingalls & Snyder LLC now owns 123,842 shares of the basic materials company’s stock worth $181,000 after buying an additional 66,667 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of New Gold during the 4th quarter worth approximately $206,000. Hedge funds and other 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.