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Why the Market Dipped But New Gold (NGD) Gained Today
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New Gold (NGD - Free Report) closed the most recent trading day at $1.96, moving +1.03% from the previous trading session. The stock outperformed the S&P 500, which registered a daily loss of 0.31%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq lost 1.09%.
Prior to today's trading, shares of the gold mining company had lost 1.52% over the past month. This has was narrower than the Basic Materials sector's loss of 6.38% and lagged the S&P 500's gain of 2.73% in that time.
The investment community will be closely monitoring the performance of New Gold in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $0.02, reflecting no change from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $0.13 per share and a revenue of $906.5 million, demonstrating changes of +85.71% and +15.26%, respectively, from the preceding 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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 9.29% higher. New Gold is holding a Zacks Rank of #1 (Strong Buy) right now.
Valuation is also important, so investors should note that New Gold has a Forward P/E ratio of 15.22 right now. This represents a premium compared to its industry's average Forward P/E of 14.97.
The Mining - Gold industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 71, finds itself in the top 29% echelons 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Why the Market Dipped But New Gold (NGD) Gained Today
New Gold (NGD - Free Report) closed the most recent trading day at $1.96, moving +1.03% from the previous trading session. The stock outperformed the S&P 500, which registered a daily loss of 0.31%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq lost 1.09%.
Prior to today's trading, shares of the gold mining company had lost 1.52% over the past month. This has was narrower than the Basic Materials sector's loss of 6.38% and lagged the S&P 500's gain of 2.73% in that time.
The investment community will be closely monitoring the performance of New Gold in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $0.02, reflecting no change from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $0.13 per share and a revenue of $906.5 million, demonstrating changes of +85.71% and +15.26%, respectively, from the preceding 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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 9.29% higher. New Gold is holding a Zacks Rank of #1 (Strong Buy) right now.
Valuation is also important, so investors should note that New Gold has a Forward P/E ratio of 15.22 right now. This represents a premium compared to its industry's average Forward P/E of 14.97.
The Mining - Gold industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 71, finds itself in the top 29% echelons 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.
You can find more information on all of these metrics, and much more, on Zacks.com.