New Gold Inc. to Post Q2 2024 Earnings of $0.00 Per Share, Raymond James Forecasts (NYSE:NGD)

New Gold Inc. (NYSE:NGD) – Analysts at Raymond James reduced their Q2 2024 EPS estimates for shares of New Gold in a research note issued to investors on Monday, July 22nd. Raymond James analyst F. Hamed now expects that the company will earn $0.00 per share for the quarter, down from their previous forecast of $0.02. The consensus estimate for New Gold’s current full-year earnings is $0.15 per share.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $192.10 million during the quarter. New Gold had a negative net margin of 9.81% and a positive return on equity of 5.23%.

A number of other research firms have also weighed in on NGD. StockNews.com lowered shares of New Gold from a “buy” rating to a “hold” rating in a research note on Friday, May 31st. BMO Capital Markets began coverage on shares of New Gold in a research note on Friday, May 31st. They issued an “outperform” rating and a $3.50 price objective on the stock. Scotiabank raised shares of New Gold from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $2.00 to $2.25 in a research note on Tuesday, May 21st. CIBC raised their price objective 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. Finally, TD Securities raised shares of New Gold from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $2.18.

New Gold Trading Down 3.7 %

NYSE:NGD opened at $2.07 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.51 and a quick ratio of 0.89. The firm has a market capitalization of $1.64 billion, a PE ratio of -20.70 and a beta of 1.32. The business has a fifty day moving average of $2.09. New Gold has a 12 month low of $0.86 and a 12 month high of $2.46.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Morton Capital Management LLC CA lifted its position in shares of New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after purchasing an additional 5,000 shares in the last quarter. Coppell Advisory Solutions Corp. bought a new position in shares of New Gold during the first quarter valued at about $30,000. Moloney Securities Asset Management LLC purchased a new stake in New Gold during the first quarter worth about $42,000. HC Advisors LLC increased its holdings in New Gold by 13.4% during the fourth quarter. HC Advisors LLC now owns 214,559 shares of the company’s stock worth $313,000 after buying an additional 25,300 shares during the last quarter. Finally, Virtu Financial LLC increased its holdings in New Gold by 27.9% during the first quarter. Virtu Financial LLC now owns 180,386 shares of the company’s stock worth $307,000 after buying an additional 39,340 shares during the last quarter. 42.82% of the stock is owned by institutional investors.

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.