FY2018 Earnings Forecast for New Gold Inc (NGD) Issued By Cormark
New Gold Inc (TSE:NGD) (ARCA:NGD) – Equities research analysts at Cormark reduced their FY2018 earnings estimates for shares of New Gold in a report released on Wednesday, January 9th. Cormark analyst R. Gray now forecasts that the company will post earnings of ($0.11) per share for the year, down from their previous forecast of ($0.10). Cormark also issued estimates for New Gold’s FY2019 earnings at $0.00 EPS.
A number of other brokerages also recently issued reports on NGD. BMO Capital Markets raised their target price on New Gold from C$1.25 to C$1.50 in a research note on Wednesday. Eight Capital cut their target price on New Gold from C$1.75 to C$1.35 in a research note on Thursday, September 20th. National Bank Financial increased their price target on New Gold from C$1.60 to C$1.70 and gave the stock a “sector perform” rating in a report on Monday, November 12th. Finally, Canaccord Genuity lowered their price target on New Gold from C$1.50 to C$1.10 in a report on Thursday, October 18th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock has a consensus rating of “Hold” and an average target price of C$1.32.
New Gold (TSE:NGD) (ARCA:NGD) last posted its quarterly earnings data on Wednesday, October 24th. The company reported C($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of C($0.05) by C$0.04. The firm had revenue of C$192.25 million during the quarter, compared to analyst estimates of C$245.55 million.
In other news, insider Robert Joseph Chausse bought 230,000 shares of the stock in a transaction that occurred on Wednesday, November 7th. The stock was bought at an average cost of C$1.10 per share, for a total transaction of C$253,000.00. Also, Director Renaud Adams bought 100,000 shares of the stock in a transaction that occurred on Wednesday, November 7th. The shares were purchased at an average price of C$1.10 per share, with a total value of C$110,000.00.
About New Gold
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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