New Gold Inc. (NGD) Upgraded to Buy by Desjardins
Several other analysts have also recently weighed in on NGD. RBC Capital Markets restated a sector perform rating and set a $7.00 price target (down from $7.60) on shares of New Gold in a report on Wednesday, September 14th. Canaccord Genuity raised New Gold from a hold rating to a buy rating and lifted their price objective for the stock from $6.25 to $7.75 in a research note on Tuesday, July 12th. Royal Bank Of Canada reaffirmed a sector perform rating on shares of New Gold in a research note on Wednesday, June 29th. Dundee Securities lowered New Gold from a neutral rating to a sell rating in a research note on Wednesday, May 25th. Finally, Zacks Investment Research raised New Gold from a hold rating to a buy rating and set a $5.50 price objective on the stock in a research note on Saturday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $5.70.
Shares of New Gold (NYSEMKT:NGD) opened at 4.81 on Friday. New Gold has a 1-year low of $1.76 and a 1-year high of $6.04. The company’s 50-day moving average price is $5.22 and its 200-day moving average price is $4.50. The company’s market capitalization is $2.47 billion.
New Gold (NYSEMKT:NGD) last released its earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The business earned $180.30 million during the quarter, compared to the consensus estimate of $163.44 million. During the same quarter in the prior year, the firm earned $0.02 EPS. The business’s revenue was up 7.5% on a year-over-year basis. On average, equities analysts expect that New Gold will post $0.08 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in NGD. Ingalls & Snyder LLC acquired a new position in shares of New Gold during the second quarter worth about $36,725,000. TD Asset Management Inc. boosted its position in shares of New Gold by 126.3% in the second quarter. TD Asset Management Inc. now owns 7,684,806 shares of the company’s stock worth $33,432,000 after buying an additional 4,289,674 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of New Gold during the second quarter worth approximately $8,972,000. Prudential PLC purchased a new position in shares of New Gold during the first quarter worth approximately $7,203,000. Finally, Credit Suisse AG boosted its position in shares of New Gold by 377.1% in the second quarter. Credit Suisse AG now owns 2,422,115 shares of the company’s stock worth $10,609,000 after buying an additional 1,914,457 shares in the last quarter.
About New Gold
New Gold Inc is a Canada-based intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. The Company has operating mines in Canada, the United States, Australia and Mexico and development projects in Canada. The Company’s segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other.
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