Scotiabank Has Positive Outlook for New Gold FY2024 Earnings

New Gold Inc. (NYSE:NGD) – Equities research analysts at Scotiabank increased their FY2024 earnings estimates for New Gold in a research report issued on Wednesday, January 8th. Scotiabank analyst E. Winmill now anticipates that the company will post earnings of $0.17 per share for the year, up from their prior forecast of $0.13. Scotiabank currently has a “Sector Outperform” rating and a $3.25 target price on the stock. The consensus estimate for New Gold’s current full-year earnings is $0.18 per share. Scotiabank also issued estimates for New Gold’s FY2025 earnings at $0.27 EPS.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The company had revenue of $252.00 million during the quarter.

Separately, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $3.41.

New Gold Stock Up 5.3 %

NYSE:NGD opened at $2.77 on Monday. New Gold has a 1-year low of $1.09 and a 1-year high of $3.25. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 138.50 and a beta of 1.34. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The business’s fifty day moving average price is $2.68 and its 200 day moving average price is $2.61.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. State of New Jersey Common Pension Fund D bought a new stake in shares of New Gold during the 2nd quarter worth $246,000. Rathbones Group PLC acquired a new stake in shares of New Gold in the second quarter valued at about $36,000. Dimensional Fund Advisors LP lifted its position in shares of New Gold by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock worth $4,670,000 after purchasing an additional 200,799 shares during the last quarter. Renaissance Technologies LLC boosted its stake in New Gold by 13.5% during the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after purchasing an additional 2,399,200 shares during the period. Finally, Pekin Hardy Strauss Inc. acquired a new stake in New Gold in the 2nd quarter valued at approximately $356,000. 42.82% of the stock is owned by 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.