New Gold (NGD – Free Report) ended the recent trading session at $2.99, demonstrating no swing from the preceding day’s closing price. The stock’s performance was ahead of the S&P 500’s daily loss of 0.95%. Elsewhere, the Dow saw a downswing of 0.99%, while the tech-heavy Nasdaq depreciated by 1.36%.
The gold mining company’s stock has climbed by 9.12% in the past month, exceeding the Basic Materials sector’s gain of 7.84% and the S&P 500’s gain of 1.86%.
The investment community will be closely monitoring the performance of New Gold in its forthcoming earnings report. On that day, New Gold is projected to report earnings of $0.06 per share, which would represent year-over-year growth of 700%.
Investors might also notice recent changes 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 company’s business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.81% higher. Right now, New Gold possesses a Zacks Rank of #3 (Hold).
Looking at its valuation, New Gold is holding a Forward P/E ratio of 10.97. This denotes a discount relative to the industry’s average Forward P/E of 11.26.
The Mining – Gold industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 81, which puts it in the top 33% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within 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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