Raymond James Issues Positive Forecast for New Gold Earnings

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Equities researchers at Raymond James lifted their Q3 2024 earnings estimates for New Gold in a research report issued to clients and investors on Monday, October 21st. Raymond James analyst F. Hamed now forecasts that the company will earn $0.06 per share for the quarter, up from their previous forecast of $0.04. Raymond James also issued estimates for New Gold’s Q4 2024 earnings at $0.10 EPS and FY2024 earnings at $0.21 EPS.

New Gold (TSE:NGD) (ARCA:NGD) last announced its quarterly earnings results on Tuesday, July 30th. The company reported C$0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.02 by C$0.01. New Gold had a negative net margin of 2.53% and a negative return on equity of 2.23%. The firm had revenue of C$298.55 million for the quarter.

A number of other brokerages also recently weighed in on NGD. Canaccord Genuity Group raised their target price on shares of New Gold from C$4.00 to C$4.50 and gave the company a “buy” rating in a research note on Thursday, August 22nd. National Bankshares increased their price objective on New Gold from C$4.00 to C$4.25 and gave the company an “outperform” rating in a research note on Thursday, August 1st. BMO Capital Markets lifted their target price on shares of New Gold from C$4.25 to C$4.50 in a research note on Wednesday, July 31st. Finally, Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. One analyst has rated the stock with a hold rating, four have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, New Gold has a consensus rating of “Buy” and a consensus price target of C$3.71.

New Gold Price Performance

TSE:NGD opened at C$4.15 on Wednesday. The firm has a market capitalization of C$3.28 billion, a price-to-earnings ratio of -103.75, a P/E/G ratio of -3.02 and a beta of 1.59. The company has a debt-to-equity ratio of 52.45, a quick ratio of 1.64 and a current ratio of 1.50. The stock has a fifty day moving average of C$3.74 and a 200 day moving average of C$3.10. New Gold has a 52-week low of C$1.42 and a 52-week high of C$4.37.

Insider Buying and Selling at New Gold

In other news, Senior Officer Sean William Keating sold 45,833 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of C$4.17, for a total value of C$191,123.61. Insiders own 4.92% 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.