FY2024 EPS Estimates for New Gold Increased by Raymond James

New Gold Inc. (NYSE:NGD) – Equities researchers at Raymond James lifted their FY2024 earnings estimates for New Gold in a research note issued to investors on Monday, February 3rd. Raymond James analyst F. Hamed now anticipates that the company will earn $0.18 per share for the year, up from their previous forecast of $0.17. The consensus estimate for New Gold’s current full-year earnings is $0.18 per share. Raymond James also issued estimates for New Gold’s FY2025 earnings at $0.19 EPS.

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 investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $3.41.

New Gold Price Performance

Shares of NGD stock opened at $3.03 on Wednesday. New Gold has a 52-week low of $1.09 and a 52-week high of $3.25. The stock has a market cap of $2.40 billion, a PE ratio of 27.45 and a beta of 1.36. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The firm’s 50 day moving average price is $2.73 and its two-hundred day moving average price is $2.68.

Institutional Investors Weigh In On New Gold

Several hedge funds have recently bought and sold shares of NGD. Dimensional Fund Advisors LP raised its holdings in New Gold by 9.2% in the second 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 period. Millennium Management LLC raised its holdings in shares of New Gold by 100.5% during the second quarter. Millennium Management LLC now owns 2,385,758 shares of the company’s stock worth $4,659,000 after acquiring an additional 1,195,830 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of New Gold by 17.3% during the second quarter. The Manufacturers Life Insurance Company now owns 656,656 shares of the company’s stock worth $1,294,000 after acquiring an additional 96,617 shares during the period. Cubist Systematic Strategies LLC raised its holdings in shares of New Gold by 7.2% during the second quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock worth $354,000 after acquiring an additional 11,995 shares during the period. Finally, SG Americas Securities LLC raised its holdings in shares of New Gold by 49.9% during the third quarter. SG Americas Securities LLC now owns 145,990 shares of the company’s stock worth $420,000 after acquiring an additional 48,614 shares during the period. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.