New Gold Inc. to Post Q2 2024 Earnings of $0.03 Per Share, Raymond James Forecasts (TSE:NGD)

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Equities researchers at Raymond James lifted their Q2 2024 earnings per share estimates for shares of New Gold in a research report issued to clients and investors on Tuesday, April 23rd. Raymond James analyst F. Hamed now anticipates that the company will post earnings of $0.03 per share for the quarter, up from their prior estimate of ($0.01). The consensus estimate for New Gold’s current full-year earnings is $0.14 per share. Raymond James also issued estimates for New Gold’s Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at $0.08 EPS and FY2024 earnings at $0.14 EPS.

New Gold (TSE:NGD) (ARCA:NGD) last announced its earnings results on Tuesday, February 13th. The company reported C($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.03 by C($0.04). The company had revenue of C$271.22 million for the quarter. New Gold had a negative net margin of 8.20% and a negative return on equity of 7.38%.

Several other research analysts have also recently weighed in on NGD. Bank of America boosted their price target on shares of New Gold from C$1.90 to C$2.30 in a report on Tuesday, April 9th. National Bank Financial restated a “sector perform spec overwgt” rating on shares of New Gold in a research note on Monday, April 8th. National Bankshares decreased their price target on New Gold from C$2.25 to C$2.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 20th. Finally, Canaccord Genuity Group lifted their price target on New Gold from C$2.75 to C$3.00 in a report on Tuesday.

New Gold Price Performance

NGD opened at C$2.49 on Friday. New Gold has a 1 year low of C$1.17 and a 1 year high of C$2.67. The company has a debt-to-equity ratio of 50.84, a current ratio of 1.54 and a quick ratio of 1.64. The company has a market capitalization of C$1.71 billion, a price-to-earnings ratio of -20.75, a P/E/G ratio of -3.02 and a beta of 1.52. The firm’s fifty day moving average price is C$2.13 and its two-hundred day moving average price is C$1.88.

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.