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 traded.
A number of equities analysts have commented on NGD shares. Royal Bank Of Canada reaffirmed a “hold” rating and set a $3.50 target price on shares of New Gold in a research note on Tuesday, May 16th. Zacks Investment Research raised shares of New Gold from a “hold” rating to a “buy” rating and set a $3.25 target price on the stock in a research note on Tuesday, May 23rd. Raymond James Financial, Inc. reaffirmed a “market perform” rating and set a $3.50 target price on shares of New Gold in a research note on Thursday, June 15th. Finally, National Bank Financial raised shares of New Gold from a “sector perform” rating to an “outperform” rating in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $3.79.
The company has a market cap of $2.42 billion and a price-to-earnings ratio of 43.30. The stock’s 50 day moving average price is $3.45 and its 200-day moving average price is $3.09.
New Gold (NYSE:NGD) last announced its quarterly earnings data on Wednesday, July 26th. The company reported $0.02 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.02. The business had revenue of $185.60 million for the quarter, compared to analyst estimates of $181.17 million. New Gold had a net margin of 12.45% and a return on equity of 4.03%. The company’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.02) EPS. On average, analysts anticipate that New Gold Inc. will post $0.06 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in NGD. Profund Advisors LLC lifted its holdings in shares of New Gold by 10.9% during the 1st quarter. Profund Advisors LLC now owns 99,309 shares of the company’s stock worth $296,000 after acquiring an additional 9,739 shares during the period. Shell Asset Management Co. lifted its holdings in shares of New Gold by 1.1% during the 1st quarter. Shell Asset Management Co. now owns 54,000 shares of the company’s stock worth $214,000 after acquiring an additional 600 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of New Gold by 71.4% during the 1st quarter. Russell Investments Group Ltd. now owns 2,361,072 shares of the company’s stock worth $7,036,000 after acquiring an additional 983,219 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in shares of New Gold by 60.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 370,497 shares of the company’s stock worth $1,104,000 after acquiring an additional 140,104 shares during the period. Finally, Comerica Bank lifted its holdings in shares of New Gold by 5.9% during the 1st quarter. Comerica Bank now owns 63,328 shares of the company’s stock worth $176,000 after acquiring an additional 3,513 shares during the period.
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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.
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