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In a remarkable display of market resilience, New Gold Inc (NYSE:NGD) stock has soared to a 52-week high, reaching a price level of $3.27 USD. This peak reflects a significant uptrend for the mining company, which has seen an impressive 1-year return of 83.33%. The company’s strong performance is backed by solid fundamentals, with revenue growth of 17.55% and EBITDA of $428.5M in the last twelve months. Investors have shown increased confidence in New Gold Inc’s performance, propelling the stock to new heights over the past year. The company’s strategic initiatives and the rising demand for gold have played a pivotal role in the stock’s robust appreciation, marking a period of strong returns for shareholders. According to InvestingPro, the company maintains a "GREAT" financial health score of 3.27, with analyst price targets ranging from $2.60 to $4.00. Discover more insights and 10+ additional ProTips for NGD with an InvestingPro subscription.
In other recent news, New Gold Inc. has announced the pricing of a $400 million offering of 6.875% Senior Notes due 2032, with the proceeds intended to repurchase its outstanding 7.50% senior notes due 2027. Concurrently, New Gold has initiated a tender offer to buy back its existing senior notes, with plans to redeem any remaining notes in July 2025. S&P Global Ratings has upgraded New Gold’s issuer credit rating from ’B’ to ’B+’, citing stronger than expected cash flows and leverage measures. The rating agency also improved the issue-level rating on the company’s unsecured notes due 2027 from ’B’ to ’BB-’. Moody’s Ratings has revised its outlook for New Gold from stable to positive and assigned a B3 rating to the new notes, reflecting the expected increase in free cash flow. BMO Capital Markets maintained its Outperform rating on New Gold’s shares with a price target of C$5.50, following the company’s adjusted earnings per share of US$0.07, which was slightly above consensus estimates. New Gold’s fourth-quarter production results were slightly below the lower end of its revised annual guidance, though financial performance met analyst expectations. The company’s reported cash costs and all-in sustaining costs for the year were within its guidance range.
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