National Bank Financial Analysts Reduce Earnings Estimates for New Gold Inc. (NYSEAMERICAN:NGD)

New Gold Inc. (NYSEAMERICAN:NGD) – Stock analysts at National Bank Financial dropped their FY2024 earnings per share (EPS) estimates for shares of New Gold in a research note issued on Thursday, April 18th. National Bank Financial analyst M. Parkin now expects that the basic materials company will post earnings per share of $0.07 for the year, down from their previous forecast of $0.09. National Bank Financial currently has a “Sector Perform Spec Overwgt” rating on the stock. The consensus estimate for New Gold’s current full-year earnings is $0.04 per share. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.15 EPS.

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

Other analysts also recently issued research reports about the company. StockNews.com downgraded New Gold from a “buy” rating to a “hold” rating in a research note on Sunday, January 14th. Scotiabank lifted their target price on New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $1.64.

New Gold Price Performance

NGD opened at $1.73 on Monday. New Gold has a 1 year low of $0.86 and a 1 year high of $1.94. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -19.16, a PEG ratio of 1.16 and a beta of 1.54. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 1.54.

Institutional Trading of New Gold

A number of hedge funds and other institutional investors have recently modified their holdings of NGD. Hillsdale Investment Management Inc. increased its position in New Gold by 222.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the basic materials company’s stock worth $23,508,000 after buying an additional 11,186,898 shares during the last quarter. Mackenzie Financial Corp increased its position in New Gold by 346.6% during the fourth quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the basic materials company’s stock worth $13,968,000 after buying an additional 7,477,711 shares during the last quarter. Heartland Advisors Inc. acquired a new position in New Gold during the third quarter worth approximately $3,185,000. Van ECK Associates Corp increased its position in New Gold by 2.7% during the fourth quarter. Van ECK Associates Corp now owns 66,886,569 shares of the basic materials company’s stock worth $97,655,000 after buying an additional 1,775,882 shares during the last quarter. Finally, Invenomic Capital Management LP increased its position in New Gold by 19.6% during the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the basic materials company’s stock worth $14,748,000 after buying an additional 1,654,396 shares during the last quarter. 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.