New Gold Inc. (NYSEAMERICAN:NGD – Get Rating) – Cormark issued their Q1 2023 earnings per share (EPS) estimates for New Gold in a report issued on Friday, October 14th. Cormark analyst R. Gray forecasts that the basic materials company will post earnings of $0.06 per share for the quarter. The consensus estimate for New Gold’s current full-year earnings is $0.13 per share.
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New Gold (NYSEAMERICAN:NGD – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). New Gold had a positive return on equity of 8.82% and a negative net margin of 4.45%. The firm had revenue of $115.70 million for the quarter.
Several other research analysts also recently issued reports on the company. National Bank Financial upped their price objective on New Gold from C$1.40 to C$1.50 in a report on Thursday, October 13th. TD Securities lowered their price objective on shares of New Gold from $1.75 to $0.85 and set a “hold” rating for the company in a research report on Wednesday, July 13th. BMO Capital Markets lowered their target price on New Gold from C$3.00 to C$2.00 in a report on Wednesday, July 13th. Raymond James lowered their target price on New Gold from $2.00 to $1.50 and set a “market perform” rating for the company in a report on Wednesday, July 13th. Finally, Royal Bank of Canada upgraded shares of New Gold from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $1.00 to $1.25 in a research note on Monday, October 3rd. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, New Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $1.60.
New Gold Stock Performance
NGD stock opened at $0.89 on Monday. New Gold has a 1-year low of $0.61 and a 1-year high of $2.02. The company has a market capitalization of $609.21 million, a PE ratio of -17.86, a P/E/G ratio of 1.21 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.68 and a current ratio of 2.38.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank boosted its position in New Gold by 4.4% during the 1st quarter. Toronto Dominion Bank now owns 590,307 shares of the basic materials company’s stock valued at $1,074,000 after buying an additional 25,054 shares during the period. Versor Investments LP bought a new stake in New Gold during the 1st quarter valued at about $42,000. American Century Companies Inc. increased its stake in New Gold by 10.2% during the 1st quarter. American Century Companies Inc. now owns 3,986,345 shares of the basic materials company’s stock valued at $7,194,000 after purchasing an additional 368,459 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of New Gold by 11.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,250,082 shares of the basic materials company’s stock worth $25,868,000 after acquiring an additional 1,465,326 shares during the period. Finally, Russell Investments Group Ltd. purchased a new position in shares of New Gold in the first quarter worth approximately $2,560,000. 30.03% of the stock is currently owned by hedge funds and other institutional investors.
New Gold Company Profile
New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; and New Afton mine situated in British Columbia, Canada.
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