New Gold (NGD) Stock Dips While Market Gains: Key Facts
Shares of the gold mining company witnessed a gain of 14.65% over the previous month, beating the performance of the Basic Materials sector with its gain of 2.17%, and the S&P 500's gain of 3.92%.
The investment community will be paying close attention to the earnings performance of New Gold in its upcoming release. The company's earnings per share (EPS) are projected to be $0.1, reflecting a 400% increase from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $0.42 per share and revenue of $1.31 billion, which would represent changes of +110% and +41.21%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for New Gold. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.68% higher. As of now, New Gold holds a Zacks Rank of #2 (Buy).
In terms of valuation, New Gold is currently trading at a Forward P/E ratio of 11.67. This represents a discount compared to its industry average Forward P/E of 13.02.
The Mining - Gold industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 53, which puts it in the top 22% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
New Gold Inc. (NGD) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
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