Royal Bank of Canada Trims New Gold (NGD) Target Price to $3.50
New Gold (NYSEAMERICAN:NGD) had its target price reduced by Royal Bank of Canada from $3.75 to $3.50 in a research note released on Tuesday. They currently have a sector perform rating on the basic materials company’s stock.
Separately, Raymond James Financial dropped their price objective on shares of New Gold from $4.25 to $3.75 and set a market perform rating on the stock in a research note on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $4.01.
Shares of New Gold (NYSEAMERICAN:NGD) opened at $2.56 on Tuesday. The stock has a market cap of $1,580.00, a P/E ratio of -15.06, a PEG ratio of 13.01 and a beta of 0.11. New Gold has a 12 month low of $2.47 and a 12 month high of $4.25. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.38 and a current ratio of 2.28.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new stake in shares of New Gold in the third quarter worth $202,000. Virtu Financial LLC increased its stake in shares of New Gold by 397.1% in the third quarter. Virtu Financial LLC now owns 349,676 shares of the basic materials company’s stock worth $295,000 after buying an additional 279,337 shares during the last quarter. Ingalls & Snyder LLC increased its stake in shares of New Gold by 3.7% in the fourth quarter. Ingalls & Snyder LLC now owns 8,870,375 shares of the basic materials company’s stock worth $29,184,000 after buying an additional 314,865 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of New Gold in the fourth quarter worth $1,406,000. Finally, Commerzbank Aktiengesellschaft FI increased its stake in shares of New Gold by 78.1% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 1,426,365 shares of the basic materials company’s stock worth $4,693,000 after buying an additional 625,283 shares during the last quarter. Institutional investors own 51.53% of the company’s stock.
COPYRIGHT VIOLATION WARNING: “Royal Bank of Canada Trims New Gold (NGD) Target Price to $3.50” was first published by Daily Political and is owned by of Daily Political. If you are reading this piece on another domain, it was illegally copied and republished in violation of international trademark and copyright legislation. The legal version of this piece can be viewed at https://www.dailypolitical.com/2018/03/03/royal-bank-of-canada-trims-new-gold-ngd-target-price-to-3-50.html.
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.
Receive News & Ratings for New Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Gold and related companies with MarketBeat.com's FREE daily email newsletter.