National Bank Financial Forecasts New Gold FY2024 Earnings

New Gold Inc. (TSE:NGD) (ARCA:NGD) – Equities research analysts at National Bank Financial increased their FY2024 earnings per share estimates for shares of New Gold in a research note issued on Tuesday, October 22nd. National Bank Financial analyst M. Parkin now forecasts that the company will post earnings of $0.25 per share for the year, up from their previous forecast of $0.24. National Bank Financial also issued estimates for New Gold’s FY2025 earnings at $0.52 EPS.

New Gold (TSE:NGD) (ARCA:NGD) last posted its quarterly earnings data on Tuesday, July 30th. The company reported C$0.03 EPS for the quarter, beating analysts’ consensus estimates of C$0.02 by C$0.01. The firm had revenue of C$298.55 million for the quarter. New Gold had a negative net margin of 2.53% and a negative return on equity of 2.23%.

NGD has been the topic of several other research reports. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. BMO Capital Markets upped their price target on New Gold from C$4.25 to C$4.50 in a research report on Wednesday, July 31st. Canaccord Genuity Group lifted their price objective on shares of New Gold from C$4.00 to C$4.50 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Finally, National Bankshares raised their price target on shares of New Gold from C$4.00 to C$4.25 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, New Gold has an average rating of “Buy” and an average target price of C$3.71.

New Gold Stock Performance

Shares of NGD stock opened at C$4.01 on Friday. The stock has a market capitalization of C$3.17 billion, a price-to-earnings ratio of -100.25, a PEG ratio of -3.02 and a beta of 1.59. New Gold has a one year low of C$1.44 and a one year high of C$4.37. The company’s 50-day simple moving average is C$3.77 and its 200-day simple moving average is C$3.12. The company has a debt-to-equity ratio of 52.45, a quick ratio of 1.64 and a current ratio of 1.50.

Insiders Place Their Bets

In other news, Senior Officer Sean William Keating sold 50,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of C$3.63, for a total transaction of C$181,500.00. 4.92% of the stock is owned by corporate insiders.

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.