Zacks Investment Research Upgrades New Gold Inc. (NGD) to “Buy”
Zacks Investment Research upgraded shares of New Gold Inc. (NYSEMKT:NGD) from a hold rating to a buy rating in a research note issued to investors on Wednesday. They currently have $4.25 target price on the stock.
According to Zacks, “New Gold Inc. is focused on the exploration and development of the Afton Copper-Gold Project, located 6 miles (10 km) west of Kamloops, British Columbia. “
Several other research firms have also recently issued reports on NGD. Royal Bank Of Canada reissued a sector perform rating on shares of New Gold in a research note on Wednesday, June 29th. Bank of America Corp. set a $5.60 price target on New Gold and gave the stock a hold rating in a research note on Sunday, September 11th. Canaccord Genuity raised New Gold from a hold rating to a buy rating and increased their price target for the stock from $6.25 to $7.75 in a research note on Tuesday, July 12th. RBC Capital Markets reissued a sector perform rating and issued a $7.00 price target (down previously from $7.60) on shares of New Gold in a research note on Wednesday, September 14th. Finally, National Bank Financial reissued a sector perform rating and issued a $8.10 price target (up previously from $7.00) on shares of New Gold in a research note on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $5.62.
New Gold (NYSEMKT:NGD) opened at 3.93 on Wednesday. New Gold has a 52 week low of $1.76 and a 52 week high of $6.04. The company has a 50-day moving average of $4.51 and a 200 day moving average of $4.55. The firm’s market cap is $2.02 billion.
New Gold (NYSEMKT:NGD) last issued its earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share 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 prior year, the business earned $0.02 earnings per share. New Gold’s quarterly revenue was up 7.5% on a year-over-year basis. On average, equities analysts predict that New Gold will post $0.08 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the stock. Ingalls & Snyder LLC acquired a new stake in shares of New Gold during the second quarter valued at about $36,725,000. TD Asset Management Inc. increased its stake 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 valued at $33,432,000 after buying an additional 4,289,674 shares in the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of New Gold during the second quarter valued at about $8,972,000. Prudential PLC acquired a new stake in shares of New Gold during the first quarter valued at about $7,203,000. Finally, Credit Suisse AG increased its stake 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 valued at $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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