New Gold Price Target Lowered to $7.00 at Barclays (NGD)
Research analysts at Barclays cut their price target on shares of New Gold (NYSE:NGD) from $8.00 to $7.00 in a report released on Friday, Analyst RN reports. Barclays’ price objective indicates a potential upside of 22.59% from the company’s current price.
New Gold (NYSE:NGD) traded up 1.93% on Friday, hitting $5.82. The stock had a trading volume of 2,193,237 shares. New Gold has a 52-week low of $4.68 and a 52-week high of $11.01. The stock has a 50-day moving average of $5.0 and a 200-day moving average of $6.0. The company has a market cap of $2.929 billion and a price-to-earnings ratio of 14.91.
New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.06 by $0.02. The company had revenue of $196.00 million for the quarter, compared to the consensus estimate of $234.00 million. During the same quarter last year, the company posted $0.09 earnings per share. New Gold’s revenue was up .3% compared to the same quarter last year. On average, analysts predict that New Gold will post $0.14 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Suisse downgraded shares of New Gold from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday. They now have a $6.50 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Desjardins downgraded shares of New Gold from a “top pick” rating to a “buy” rating in a research note to investors on Thursday, January 9th. Finally, analysts at Goldman Sachs Group Inc. reiterated a “hold” rating on shares of New Gold in a research note to investors on Tuesday, October 22nd. They now have a $7.00 price target on the stock. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $8.74.
New Gold Inc (NYSE:NGD) is an intermediate gold producer with a portfolio of global assets in the United States, Mexico, Australia, Canada, Chile and Brazil.
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