National Bank Financial Predicts New Gold Q3 Earnings

New Gold Inc. (NYSE:NGD) – Equities researchers at National Bank Financial issued their Q3 2024 earnings per share estimates for New Gold in a note issued to investors on Tuesday, October 22nd. National Bank Financial analyst M. Parkin expects that the company will earn $0.04 per share for the quarter. The consensus estimate for New Gold’s current full-year earnings is $0.15 per share.

Several other equities analysts also recently commented on the company. Royal Bank of Canada upped their target price on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Scotiabank upped their target price on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research report on Tuesday, September 17th. CIBC upped their target price on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. StockNews.com downgraded New Gold from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. Finally, Cibc World Mkts raised New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $2.74.

New Gold Trading Down 2.8 %

New Gold stock opened at $2.93 on Thursday. New Gold has a 12 month low of $1.03 and a 12 month high of $3.25. The company has a 50 day moving average price of $2.78. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $2.31 billion, a P/E ratio of -29.25 and a beta of 1.30.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. The firm had revenue of $218.20 million for the quarter.

Institutional Investors Weigh In On New Gold

A number of large investors have recently added to or reduced their stakes in NGD. Allworth Financial LP lifted its stake in New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after purchasing an additional 9,418 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co bought a new stake in New Gold during the third quarter worth $592,000. Eastern Bank bought a new stake in New Gold during the third quarter worth $33,000. Allspring Global Investments Holdings LLC lifted its stake in New Gold by 684.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock worth $4,255,000 after purchasing an additional 1,279,500 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC lifted its stake in New Gold by 34.6% during the third quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock worth $101,000 after purchasing an additional 9,000 shares during the last quarter. Institutional investors and hedge funds own 42.82% 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.