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New Gold (NGD) closed the latest trading day at $3.13, indicating a +0.97% change from the previous session's end. The stock outpaced the S&P 500's daily gain of 0.13%. Elsewhere, the Dow gained 0.55%, while the tech-heavy Nasdaq lost 0.52%.
The gold mining company's stock has climbed by 21.09% in the past month, exceeding the Basic Materials sector's gain of 2.11% and the S&P 500's gain of 3.67%.
Investors will be eagerly watching for the performance of New Gold in its upcoming earnings disclosure. The company is forecasted to report an EPS of $0.03, showcasing no movement from the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.14 per share and a revenue of $959 million, signifying shifts of +100% and +21.93%, respectively, from the last year.
Any recent changes to analyst estimates for New Gold should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. The Zacks Consensus EPS estimate remained stagnant within the past month. New Gold presently features a Zacks Rank of #4 (Sell).
In terms of valuation, New Gold is currently trading at a Forward P/E ratio of 22.14. For comparison, its industry has an average Forward P/E of 16.97, which means New Gold is trading at a premium to the group.
The Mining - Gold industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 134, positioning it in the bottom 48% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
These seven mid-cap stocks were the best performers in the last week. Are they in your portfolio?
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Gold mining stocks, as tracked by the VanEck Gold Miners ETF , are enjoying a stellar rally, rising 4.3% by 11 a.m. ET, on track for its largest one-day gain since early March.
The rally in miners was driven by a surge in gold prices, which jumped 1.6% to reach an all-time high of over $2,550 per ounce on Thursday, fueled by economic data and central bank interest rate decisions.
In the U.S., the latest producer inflation report for August showed mixed results. Both the headline and core Producer Price Index (PPI) exceeded monthly expectations, but on an annual basis, they fell short.
The European Central Bank (ECB) reduced its deposit facility rate by 25 basis points, bringing it to 3.5%. The ECB noted it is "appropriate to take another step in moderating the degree of monetary policy restriction."
This move has increased demand for gold as a safe-haven asset amid lower interest rates in Europe and expectations for a similar 25-basis-point drop in the U.S. fed funds rate next week.
Analyst Takeaways
Otavio Costa, macro strategist at Crescat Capital, highlighted that Barrick Gold Corp. , the second-largest gold miner globally, has reported its lowest annual gold production in more than 20 years.
“From this perspective, today's environment closely resembles the 1970s,” Costa wrote in a post on social media platform X.
Back then low gold prices led major mining companies to shift their focus to other metals, just before gold experienced one of the most significant bull runs in history.
Today, miners are once again diversifying into base metals, not due to low gold prices, but to capitalize on the growing demand for materials critical to electrification, like copper.
However, this time the shift isn’t driven by low prices, but by a strategic move to increase exposure to base metals like copper, which are crucial for electrification and have attracted institutional capital.
Costa argues that neglect of gold, in favor of base metals, is a potential opportunity. With fewer companies exploring and developing new gold projects, he sees several pathways for gold prices to rise, making gold-only investments particularly attractive.
However, Costa sees the limited supply as a bullish catalyst for gold, stating, "I believe it's time to be greedy when others are being fearful."
Thursday’s Seven Top Performing Gold Miners
NAME | % RETURN (1-DAY) |
Coeur Mining, Inc. | 14.52 |
B2Gold Corp. | 10.04 |
First Majestic Silver Corp. | 9.96 |
Endeavour Silver Corp. | 9.94 |
Equinox Gold Corp. | 8.09 |
OceanaGold Corporation (NYSE:OGC) | 7.18 |
New Gold Inc. | 7.01 |
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