New Gold Inc. (NGD) Shares Gap Up to $4.02
New Gold Inc. (NYSE:NGD)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $4.14, but opened at $4.02. New Gold shares last traded at $4.04, with a volume of 8,806,126 shares.
A number of equities analysts have recently commented on the stock. Royal Bank Of Canada set a $4.00 price objective on shares of New Gold and gave the stock a “hold” rating in a research note on Wednesday, August 23rd. Zacks Investment Research upgraded shares of New Gold from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Raymond James Financial, Inc. restated a “market perform” rating and set a $3.50 price objective on shares of New Gold in a research note on Thursday, June 15th. Finally, National Bank Financial upgraded shares of New Gold from a “sector perform” rating to an “outperform” rating in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $3.79.
The stock has a market capitalization of $2.34 billion and a price-to-earnings ratio of 41.86. The stock’s 50 day moving average is $3.39 and its 200 day moving average is $3.08.
New Gold (NYSE:NGD) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.02 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.02. New Gold had a net margin of 12.45% and a return on equity of 4.03%. The business had revenue of $185.60 million during the quarter, compared to the consensus estimate of $181.17 million. During the same period in the prior year, the firm posted ($0.02) EPS. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. Analysts predict that New Gold Inc. will post $0.06 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of NGD. World Asset Management Inc grew its position in New Gold by 6.8% in the 2nd quarter. World Asset Management Inc now owns 33,894 shares of the company’s stock worth $108,000 after purchasing an additional 2,162 shares in the last quarter. First Manhattan Co. bought a new stake in New Gold in the 2nd quarter worth about $135,000. Pacad Investment Ltd. grew its position in New Gold by 25.0% in the 2nd quarter. Pacad Investment Ltd. now owns 46,500 shares of the company’s stock worth $148,000 after purchasing an additional 9,300 shares in the last quarter. Advisor Group Inc. grew its position in New Gold by 4.5% in the 2nd quarter. Advisor Group Inc. now owns 46,794 shares of the company’s stock worth $149,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Two Sigma Securities LLC bought a new stake in New Gold in the 1st quarter worth about $166,000.
New Gold Company Profile
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.