Raymond James Brokers Decrease Earnings Estimates for New Gold Inc. (NYSEAMERICAN:NGD)

New Gold Inc. (NYSEAMERICAN:NGD) – Raymond James dropped their FY2021 EPS estimates for shares of New Gold in a report released on Monday, April 5th. Raymond James analyst F. Hamed now forecasts that the basic materials company will earn $0.17 per share for the year, down from their previous forecast of $0.19. Raymond James currently has a “Market Perform” rating and a $2.25 price objective on the stock.

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New Gold (NYSEAMERICAN:NGD) last issued its earnings results on Thursday, February 18th. The basic materials company reported $0.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.02. New Gold had a negative net margin of 9.92% and a negative return on equity of 4.10%. The business had revenue of $198.90 million for the quarter.

Other research analysts have also recently issued research reports about the stock. CIBC cut shares of New Gold from a “sector outperform” rating to a “neutral” rating in a report on Tuesday, February 2nd. TheStreet cut shares of New Gold from a “c-” rating to a “d+” rating in a report on Monday, March 22nd. Zacks Investment Research cut shares of New Gold from a “buy” rating to a “hold” rating in a report on Tuesday, February 16th. Finally, Canaccord Genuity reduced their target price on shares of New Gold from $3.75 to $2.75 and set a “buy” rating for the company in a report on Monday, February 22nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. New Gold presently has a consensus rating of “Hold” and a consensus price target of $1.86.

NYSEAMERICAN:NGD opened at $1.71 on Thursday. New Gold has a 12 month low of $0.55 and a 12 month high of $2.40. The firm has a fifty day simple moving average of $2.22 and a 200-day simple moving average of $2.02. The company has a current ratio of 3.12, a quick ratio of 2.61 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $1.16 billion, a P/E ratio of -19.00, a PEG ratio of 1.93 and a beta of 1.87.

Several institutional investors have recently added to or reduced their stakes in the company. NorthRock Partners LLC purchased a new stake in shares of New Gold in the 4th quarter valued at approximately $29,000. Pekin Hardy Strauss Inc. raised its stake in shares of New Gold by 10.3% in the 4th quarter. Pekin Hardy Strauss Inc. now owns 150,000 shares of the basic materials company’s stock valued at $328,000 after acquiring an additional 14,000 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of New Gold in the 3rd quarter valued at approximately $29,000. Moors & Cabot Inc. raised its stake in shares of New Gold by 34.3% in the 4th quarter. Moors & Cabot Inc. now owns 72,450 shares of the basic materials company’s stock valued at $158,000 after acquiring an additional 18,500 shares during the period. Finally, Kingsview Wealth Management LLC purchased a new stake in shares of New Gold in the 4th quarter valued at approximately $42,000. 35.17% of the stock is currently owned by institutional investors and hedge funds.

About New Gold

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River gold-silver mine located in Ontario, Canada; and New Afton gold-copper mine located in British Columbia, Canada.

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