Bank of America Corp. Analysts Give New Gold Inc. (NGD) a $6.00 Price Target
New Gold Inc. (NYSEMKT:NGD) has been assigned a $6.00 target price by equities researchers at Bank of America Corp. in a report issued on Tuesday. The brokerage currently has a a “hold” rating on the stock. Bank of America Corp.’s price objective points to a potential upside of 51.90% from the company’s previous close.
Several other analysts have also recently commented on NGD. National Bank Financial reiterated a “sector perform” rating and set a $8.10 price target (up from $7.00) on shares of New Gold in a research report on Thursday, August 4th. Zacks Investment Research upgraded New Gold from a “hold” rating to a “buy” rating and set a $5.50 price target for the company in a research report on Saturday, July 9th. Desjardins cut New Gold from a “buy” rating to a “hold” rating in a research report on Wednesday, September 7th. Canaccord Genuity cut New Gold from a “buy” rating to a “hold” rating in a research report on Wednesday, September 7th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of New Gold in a report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $5.74.
Shares of New Gold (NYSEMKT:NGD) traded up 0.76% during mid-day trading on Tuesday, reaching $3.98. The company had a trading volume of 4,145,333 shares. The company’s market capitalization is $2.04 billion. The stock’s 50-day moving average price is $4.90 and its 200 day moving average price is $4.54. New Gold has a 1-year low of $1.76 and a 1-year high of $6.04.
New Gold (NYSEMKT:NGD) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The company earned $180.30 million during the quarter, compared to analyst estimates of $163.44 million. During the same period in the previous year, the firm posted $0.02 earnings per share. The company’s revenue was up 7.5% compared to the same quarter last year. Equities analysts expect that New Gold will post $0.07 EPS for the current year.
A number of institutional investors have recently bought and sold shares of NGD. Lincluden Management Ltd. raised its stake in New Gold by 4.7% in the second quarter. Lincluden Management Ltd. now owns 14,840 shares of the company’s stock worth $107,000 after buying an additional 665 shares in the last quarter. Numeric Investors LLC bought a new stake in New Gold during the second quarter worth about $108,000. Mackenzie Financial Corp bought a new stake in New Gold during the second quarter worth about $133,000. Advisor Group Inc. bought a new stake in New Gold during the second quarter worth about $135,000. Finally, Scotia Capital Inc. raised its stake in New Gold by 48.1% in the second quarter. Scotia Capital Inc. now owns 31,716 shares of the company’s stock worth $138,000 after buying an additional 10,302 shares in the last quarter.
New Gold Company Profile
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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