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Why New Gold (NGD) Dipped More Than Broader Market Today
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In the latest trading session, New Gold (NGD - Free Report) closed at $2.48, marking a -1.59% move from the previous day. The stock's change was less than the S&P 500's daily loss of 0.09%. At the same time, the Dow added 0.04%, and the tech-heavy Nasdaq lost 0.1%.
The gold mining company's shares have seen a decrease of 9.35% over the last month, not keeping up with the Basic Materials sector's loss of 7.73% and the S&P 500's loss of 0.29%.
Market participants will be closely following the financial results of New Gold in its upcoming release. The company is expected to report EPS of $0.06, up 700% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.18 per share and a revenue of $961 million, signifying shifts of +157.14% and +22.19%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for New Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. New Gold currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, New Gold is holding a Forward P/E ratio of 14.2. This valuation marks a premium compared to its industry's average Forward P/E of 12.16.
The Mining - Gold industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 79, which puts it in the top 32% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. 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.
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Why New Gold (NGD) Dipped More Than Broader Market Today
In the latest trading session, New Gold (NGD - Free Report) closed at $2.48, marking a -1.59% move from the previous day. The stock's change was less than the S&P 500's daily loss of 0.09%. At the same time, the Dow added 0.04%, and the tech-heavy Nasdaq lost 0.1%.
The gold mining company's shares have seen a decrease of 9.35% over the last month, not keeping up with the Basic Materials sector's loss of 7.73% and the S&P 500's loss of 0.29%.
Market participants will be closely following the financial results of New Gold in its upcoming release. The company is expected to report EPS of $0.06, up 700% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.18 per share and a revenue of $961 million, signifying shifts of +157.14% and +22.19%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for New Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. New Gold currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, New Gold is holding a Forward P/E ratio of 14.2. This valuation marks a premium compared to its industry's average Forward P/E of 12.16.
The Mining - Gold industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 79, which puts it in the top 32% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. 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.