FY2024 EPS Estimates for New Gold Increased by Raymond James

New Gold Inc. (NYSE:NGD) – Stock analysts at Raymond James lifted their FY2024 earnings estimates for New Gold in a research report issued to clients and 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 prior estimate 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 report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, New Gold has a consensus rating of “Buy” and a consensus target price of $3.41.

New Gold Stock Performance

NYSE:NGD opened at $3.03 on Wednesday. New Gold has a 12-month low of $1.09 and a 12-month high of $3.25. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $2.40 billion, a PE ratio of 27.45 and a beta of 1.36. The firm has a 50-day moving average price of $2.73 and a 200 day moving average price of $2.68.

Institutional Trading of New Gold

Large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its stake in New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after buying an additional 2,664,153 shares during the last quarter. XTX Topco Ltd grew its stake in New Gold by 294.7% during the third quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock worth $1,408,000 after buying an additional 365,079 shares during the last quarter. Van ECK Associates Corp grew its stake in New Gold by 5.0% during the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after buying an additional 3,541,882 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in New Gold by 9.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock worth $4,670,000 after buying an additional 200,799 shares during the last quarter. Finally, Old West Investment Management LLC grew its stake in shares of New Gold by 42.9% during the third quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock valued at $2,880,000 after purchasing an additional 300,000 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.