Raymond James Analysts Reduce Earnings Estimates for New Gold Inc. (TSE:NGD)

New Gold Inc. (TSE:NGDGet Rating) (ARCA:NGD) – Equities research analysts at Raymond James lowered their Q3 2022 earnings per share estimates for New Gold in a research note issued to investors on Tuesday, July 19th. Raymond James analyst F. Hamed now anticipates that the company will earn ($0.03) per share for the quarter, down from their prior forecast of ($0.01). The consensus estimate for New Gold’s current full-year earnings is $0.21 per share. Raymond James also issued estimates for New Gold’s Q4 2022 earnings at ($0.03) EPS and FY2022 earnings at ($0.12) EPS.

Other analysts have also issued reports about the company. BMO Capital Markets cut their price objective on New Gold from C$3.00 to C$2.00 in a report on Wednesday, July 13th. Credit Suisse Group cut their price objective on New Gold from C$1.40 to C$1.10 in a report on Tuesday, July 12th. CSFB cut their price objective on New Gold from C$1.40 to C$1.10 in a report on Tuesday, July 12th. Canaccord Genuity Group upgraded New Gold from a “hold” rating to a “buy” rating and increased their price objective for the stock from C$2.25 to C$3.00 in a report on Friday, April 22nd. Finally, National Bankshares cut their price objective on New Gold from C$1.50 to C$1.20 and set a “sector perform” rating for the company in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of C$1.90.

New Gold Price Performance

Shares of TSE:NGD opened at C$0.92 on Thursday. The company has a current ratio of 4.37, a quick ratio of 3.64 and a debt-to-equity ratio of 54.59. New Gold has a 1 year low of C$0.88 and a 1 year high of C$2.57. The business has a fifty day simple moving average of C$1.50 and a 200 day simple moving average of C$1.92. The firm has a market cap of C$627.53 million and a price-to-earnings ratio of 4.18.

New Gold (TSE:NGDGet Rating) (ARCA:NGD) last released its earnings results on Monday, May 2nd. The company reported C$0.02 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of C$0.02. The business had revenue of C$221.30 million during the quarter.

New Gold Company Profile

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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.

Further Reading

Earnings History and Estimates for New Gold (TSE:NGD)

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