New Gold Inc. (NGD) Earns “Sector Perform” Rating from RBC Capital Markets
New Gold Inc. (NYSEMKT:NGD)‘s stock had its “sector perform” rating reaffirmed by equities researchers at RBC Capital Markets in a research report issued on Saturday.
NGD has been the subject of several other research reports. Zacks Investment Research upgraded New Gold from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a research report on Saturday, July 9th. Canaccord Genuity lowered New Gold from a “buy” rating to a “hold” rating in a report on Wednesday, September 7th. Desjardins upgraded New Gold from a “hold” rating to a “buy” rating in a report on Friday, September 16th. Bank of America Corp. set a $6.00 price target on New Gold and gave the company a “hold” rating in a report on Tuesday. Finally, National Bank Financial reiterated a “sector perform” rating and issued a $8.10 price target (up previously from $7.00) on shares of New Gold in a report on Thursday, August 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. New Gold presently has a consensus rating of “Hold” and a consensus target price of $5.74.
Shares of New Gold (NYSEMKT:NGD) opened at 3.85 on Friday. The firm’s 50-day moving average price is $4.74 and its 200 day moving average price is $4.54. The stock’s market capitalization is $1.97 billion. New Gold has a 52 week low of $1.76 and a 52 week high of $6.04.
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New Gold (NYSEMKT:NGD) last announced its earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The business had revenue of $180.30 million for the quarter, compared to analysts’ expectations of $163.44 million. During the same quarter last year, the firm earned $0.02 EPS. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. Analysts expect that New Gold will post $0.08 earnings per share for the current year.
Several institutional investors have recently modified their holdings of NGD. Ingalls & Snyder LLC acquired a new position in shares of New Gold during the second quarter worth about $36,725,000. TD Asset Management Inc. increased its position in shares of New Gold by 126.3% in the second quarter. TD Asset Management Inc. now owns 7,684,806 shares of the company’s stock worth $33,432,000 after buying an additional 4,289,674 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of New Gold during the second quarter worth about $8,972,000. Prudential PLC acquired a new position in shares of New Gold during the first quarter worth about $7,203,000. Finally, Credit Suisse AG increased its position in shares of New Gold by 377.1% in the second quarter. Credit Suisse AG now owns 2,422,115 shares of the company’s stock worth $10,609,000 after buying an additional 1,914,457 shares during the last quarter.
About New Gold
New Gold Inc is a Canada-based intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. The Company has operating mines in Canada, the United States, Australia and Mexico and development projects in Canada. The Company’s segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other.
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