Brokerages Set New Gold Inc. (NGD) Price Target at $5.39
New Gold Inc. (NYSEMKT:NGD) has earned an average recommendation of “Hold” from the fourteen research firms that are covering the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $5.18.
Several equities analysts have recently weighed in on the company. Bank of America Corp. set a $5.60 price objective on New Gold and gave the company a “hold” rating in a report on Sunday, September 11th. RBC Capital Markets reiterated a “sector perform” rating on shares of New Gold in a report on Saturday, October 8th. Zacks Investment Research cut New Gold from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Royal Bank Of Canada reiterated a “sector perform” rating on shares of New Gold in a report on Wednesday, June 29th. Finally, National Bank Financial reiterated a “sector perform” rating and set a $8.10 price objective (up previously from $7.00) on shares of New Gold in a report on Thursday, August 4th.
New Gold (NYSEMKT:NGD) opened at 3.87 on Monday. New Gold has a one year low of $1.76 and a one year high of $6.04. The firm’s market cap is $1.98 billion. The firm’s 50-day moving average price is $4.54 and its 200 day moving average price is $4.54.
New Gold (NYSEMKT:NGD) last posted its earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The company had revenue of $180.30 million for the quarter, compared to analyst estimates of $163.44 million. New Gold’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.02 earnings per share. On average, equities research analysts forecast that New Gold will post $0.08 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Lincluden Management Ltd. raised its position in New Gold by 4.7% in the second quarter. Lincluden Management Ltd. now owns 14,840 shares of the company’s stock valued at $107,000 after buying an additional 665 shares during the period. Numeric Investors LLC bought a new position in New Gold during the second quarter valued at $108,000. Mackenzie Financial Corp bought a new position in New Gold during the second quarter valued at $133,000. Advisor Group Inc. bought a new position in New Gold during the second quarter valued at $135,000. Finally, Scotia Capital Inc. raised its position in New Gold by 48.1% in the second quarter. Scotia Capital Inc. now owns 31,716 shares of the company’s stock valued at $138,000 after buying an additional 10,302 shares during the period.
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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