New Gold Inc. to Post Q2 2024 Earnings of $0.02 Per Share, Raymond James Forecasts (NYSEAMERICAN:NGD)

New Gold Inc. (NYSEAMERICAN:NGD) – Stock analysts at Raymond James upped their Q2 2024 earnings per share (EPS) estimates for New Gold in a research note issued on Tuesday, April 23rd. Raymond James analyst F. Hamed now anticipates that the basic materials company will post earnings per share of $0.02 for the quarter, up from their prior forecast of ($0.01). The consensus estimate for New Gold’s current full-year earnings is $0.05 per share. Raymond James also issued estimates for New Gold’s Q3 2024 earnings at $0.03 EPS, Q4 2024 earnings at $0.06 EPS and FY2024 earnings at $0.10 EPS.

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

A number of other equities research analysts also recently issued reports on the stock. StockNews.com downgraded shares of New Gold from a “buy” rating to a “hold” rating in a research report on Sunday, January 14th. National Bank Financial reiterated a “sector perform spec overwgt” rating on shares of New Gold in a research report on Monday, April 8th. Finally, Scotiabank lifted their price target on shares of New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, New Gold currently has an average rating of “Hold” and an average price target of $1.64.

New Gold Stock Performance

Shares of NYSEAMERICAN:NGD opened at $1.82 on Friday. New Gold has a 52 week low of $0.86 and a 52 week high of $1.94. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.54 and a quick ratio of 0.98. The stock has a market capitalization of $1.26 billion, a P/E ratio of -20.22, a PEG ratio of 1.01 and a beta of 1.54.

Institutional Trading of New Gold

Institutional investors have recently made changes to their positions in the stock. First Citizens Bank & Trust Co. purchased a new stake in shares of New Gold during the 3rd quarter valued at $61,000. Independent Family Office LLC purchased a new stake in shares of New Gold during the 4th quarter valued at $123,000. Baader Bank Aktiengesellschaft grew its stake 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 valued at $132,000 after buying an additional 81,267 shares during the period. Ingalls & Snyder LLC grew its stake 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 valued at $181,000 after buying an additional 66,667 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of New Gold during the 4th quarter valued at $206,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.