New Gold (NGD) closed the most recent trading day at $12.10, moving -3.74% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.13%. Elsewhere, the Dow saw an upswing of 0.11%, while the tech-heavy Nasdaq depreciated by 0.72%.
The gold mining company's stock has climbed by 44.32% in the past month, exceeding the Basic Materials sector's gain of 12.37% and the S&P 500's gain of 0.78%.
The upcoming earnings release of New Gold will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.27, reflecting a 285.71% increase from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.6 per share and a revenue of $0 million, signifying shifts of +200% and 0%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for New Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 14.8% higher. Right now, New Gold possesses a Zacks Rank of #1 (Strong Buy).
Looking at valuation, New Gold is presently trading at a Forward P/E ratio of 9.92. This signifies a discount in comparison to the average Forward P/E of 16.02 for its industry.
The Mining - Gold industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 74, placing it within the top 31% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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New Gold Inc. (NGD): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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