New Gold Inc. (NYSE:NGD) to Post Q3 2024 Earnings of $0.03 Per Share, Raymond James Forecasts

New Gold Inc. (NYSE:NGD) – Analysts at Raymond James issued their Q3 2024 EPS estimates for New Gold in a research report issued to clients and investors on Monday, September 23rd. Raymond James analyst F. Hamed anticipates that the company will post earnings of $0.03 per share for the quarter. The consensus estimate for New Gold’s current full-year earnings is $0.15 per share. Raymond James also issued estimates for New Gold’s Q4 2024 earnings at $0.06 EPS, FY2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.06 EPS, Q2 2025 earnings at $0.06 EPS, Q3 2025 earnings at $0.06 EPS, Q4 2025 earnings at $0.06 EPS and FY2025 earnings at $0.25 EPS.

Other equities analysts also recently issued reports about the stock. CIBC upped their price target on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Scotiabank increased their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. BMO Capital Markets initiated coverage on shares of New Gold in a research report on Friday, May 31st. They issued an “outperform” rating and a $3.50 price target for the company. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Saturday, September 21st. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, New Gold has a consensus rating of “Buy” and an average price target of $2.74.

New Gold Price Performance

Shares of NYSE NGD opened at $2.96 on Thursday. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -29.55 and a beta of 1.29. The firm has a fifty day moving average price of $2.53. New Gold has a one year low of $0.86 and a one year high of $3.25.

New Gold (NYSE:NGD) last posted its earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $218.20 million for the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%.

Hedge Funds Weigh In On New Gold

Institutional investors and hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp raised its stake 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 acquiring an additional 5,613,145 shares during the last quarter. Renaissance Technologies LLC raised its position in New Gold by 13.5% during the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after purchasing an additional 2,399,200 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in New Gold by 57.3% during the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after buying an additional 5,948,394 shares during the period. Invenomic Capital Management LP grew its position 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 valued at $14,748,000 after buying an additional 1,654,396 shares during the last quarter. Finally, Herr Investment Group LLC increased its stake in shares of New Gold by 40.4% in the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock valued at $10,160,000 after buying an additional 1,499,745 shares during the period. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Company Profile

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.