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New Gold (NGD) closed the latest trading day at $2.81, indicating a -0.35% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 0.61% for the day. Meanwhile, the Dow experienced a rise of 0.3%, and the technology-dominated Nasdaq saw an increase of 1.28%.
Prior to today's trading, shares of the gold mining company had gained 11.9% over the past month. This has outpaced the Basic Materials sector's gain of 2.33% and the S&P 500's gain of 2.08% in that time.
Investors will be eagerly watching for the performance of New Gold in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.05, marking a 600% rise compared to the same quarter of the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for New Gold. Recent revisions tend to reflect the latest near-term business trends. 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. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 8.65% higher. New Gold presently features a Zacks Rank of #1 (Strong Buy).
In terms of valuation, New Gold is presently being traded at a Forward P/E ratio of 9.98. This signifies no noticeable deviation in comparison to the average Forward P/E of 9.98 for its industry.
The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 80, putting it in the top 32% 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.
To follow NGD in the coming trading sessions, be sure to utilize Zacks.com.
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New Gold Inc. (NGD) : Free Stock Analysis Report