National Bank Financial Comments on New Gold Inc.’s FY2024 Earnings (NYSE:NGD)

New Gold Inc. (NYSE:NGD) – National Bank Financial raised their FY2024 earnings per share estimates for New Gold in a report issued on Wednesday, May 1st. National Bank Financial analyst M. Parkin now anticipates that the company will earn $0.17 per share for the year, up from their previous forecast of $0.07. 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 $0.14 per share. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.24 EPS.

A number of other research analysts have also recently commented on the company. Scotiabank increased their target price on New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a research note on Monday, April 8th. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $1.64.

New Gold Price Performance

NGD opened at $1.81 on Monday. The firm has a market capitalization of $1.25 billion, a P/E ratio of -18.10, a PEG ratio of 0.57 and a beta of 1.53. The company has a current ratio of 1.51, a quick ratio of 0.98 and a debt-to-equity ratio of 0.54. New Gold has a 52 week low of $0.86 and a 52 week high of $1.95.

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

Institutional Trading of New Gold

Large investors have recently modified their holdings of the business. Hillsdale Investment Management Inc. lifted its holdings in New Gold by 222.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock worth $23,508,000 after buying an additional 11,186,898 shares during the period. Mackenzie Financial Corp lifted its holdings in New Gold by 346.6% in the fourth quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the company’s stock worth $13,968,000 after buying an additional 7,477,711 shares during the period. Van ECK Associates Corp lifted its holdings in New Gold by 8.4% in the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock worth $123,249,000 after buying an additional 5,613,145 shares during the period. Heartland Advisors Inc. purchased a new stake in New Gold in the third quarter worth about $3,185,000. Finally, Invenomic Capital Management LP lifted its holdings in shares of New Gold by 19.6% during the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after purchasing an additional 1,654,396 shares during the last quarter. 42.82% of the stock is owned by institutional investors.

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.