New Gold Inc. Expected to Earn Q2 2024 Earnings of $0.02 Per Share (NYSEAMERICAN:NGD)

New Gold Inc. (NYSEAMERICAN:NGD) – Equities researchers at Raymond James upped their Q2 2024 earnings per share estimates for New Gold in a note issued to investors on Tuesday, April 23rd. Raymond James analyst F. Hamed now expects that the basic materials company will post earnings per share of $0.02 for the quarter, up from their prior forecast of ($0.01). The consensus estimate for New Gold’s current full-year earnings is $0.05 per share. Raymond James also issued estimates for New Gold’s Q3 2024 earnings at $0.03 EPS, Q4 2024 earnings at $0.06 EPS and FY2024 earnings at $0.10 EPS.

New Gold (NYSEAMERICAN:NGD) last released its earnings results on Tuesday, February 13th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). New Gold had a positive return on equity of 5.63% and a negative net margin of 8.20%. The firm had revenue of $199.20 million during the quarter.

NGD has been the subject of several other reports. National Bank Financial restated a “sector perform spec overwgt” rating on shares of New Gold in a research report on Monday, April 8th. Scotiabank increased their target price on New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a report on Monday, April 8th. Finally, StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a research note on Sunday, January 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $1.64.

New Gold Stock Up 4.7 %

Shares of New Gold stock opened at $1.80 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.54 and a quick ratio of 0.98. New Gold has a 52-week low of $0.86 and a 52-week high of $1.94. The firm has a market capitalization of $1.24 billion, a PE ratio of 24.57, a price-to-earnings-growth ratio of 1.01 and a beta of 1.54.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. HC Advisors LLC lifted its position in shares of New Gold by 13.4% in the 4th quarter. HC Advisors LLC now owns 214,559 shares of the basic materials company’s stock worth $313,000 after purchasing an additional 25,300 shares during the period. American Century Companies Inc. lifted its holdings in New Gold by 1.0% in the third quarter. American Century Companies Inc. now owns 5,095,417 shares of the basic materials company’s stock worth $4,669,000 after buying an additional 48,886 shares during the period. Ingalls & Snyder LLC boosted its position in New Gold by 116.6% during the 4th quarter. Ingalls & Snyder LLC now owns 123,842 shares of the basic materials company’s stock valued at $181,000 after acquiring an additional 66,667 shares in the last quarter. First Citizens Bank & Trust Co. bought a new stake in New Gold during the 3rd quarter valued at approximately $61,000. Finally, Baader Bank Aktiengesellschaft raised its position in shares of New Gold by 812.7% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the basic materials company’s stock worth $132,000 after acquiring an additional 81,267 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other 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.