National Bank Financial Comments on New Gold Inc.’s FY2024 Earnings (NYSE:NGD)

New Gold Inc. (NYSE:NGD) – Research analysts at National Bank Financial upped their FY2024 EPS estimates for shares of New Gold in a note issued to investors on Wednesday, May 1st. National Bank Financial analyst M. Parkin now anticipates that the company will post earnings of $0.17 per share for the year, up from their prior forecast of $0.07. National Bank Financial has a “Sector Perform Spec Overwgt” rating on the stock. The consensus estimate for New Gold’s current full-year earnings is $0.14 per share. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.24 EPS.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm 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%.

Several other brokerages have also recently weighed in on NGD. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Scotiabank increased their target price 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 research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $1.64.

New Gold Price Performance

Shares of New Gold stock opened at $1.88 on Monday. The firm has a market capitalization of $1.29 billion, a P/E ratio of -18.75, a price-to-earnings-growth ratio of 0.36 and a beta of 1.53. New Gold has a twelve month low of $0.86 and a twelve month high of $1.95. The company has a current ratio of 1.51, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NGD. Van ECK Associates Corp boosted its position in shares of New Gold by 8.4% during the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after buying an additional 5,613,145 shares during the last quarter. Hillsdale Investment Management Inc. boosted its holdings in New Gold by 222.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock worth $23,508,000 after acquiring an additional 11,186,898 shares during the last quarter. Invenomic Capital Management LP grew its stake in shares of New Gold by 19.6% in the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock worth $14,748,000 after acquiring an additional 1,654,396 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of New Gold by 346.6% in the fourth quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the company’s stock valued at $13,968,000 after purchasing an additional 7,477,711 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of New Gold by 1.0% during the third quarter. American Century Companies Inc. now owns 5,095,417 shares of the company’s stock valued at $4,669,000 after purchasing an additional 48,886 shares in the last quarter. 42.82% of the stock is 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.