New Gold Inc. (NGD) Stock Rating Reaffirmed by RBC Capital Markets
New Gold Inc. (NYSEMKT:NGD)‘s stock had its “sector perform” rating reissued by RBC Capital Markets in a note issued to investors on Saturday.
NGD has been the subject of several other research reports. Zacks Investment Research upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $5.50 price target for the company in a research report on Saturday, July 9th. Canaccord Genuity downgraded shares of New Gold from a “buy” rating to a “hold” rating in a research report on Wednesday, September 7th. Desjardins upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, September 16th. Bank of America Corp. set a $6.00 price target on shares of New Gold and gave the company a “hold” rating in a research report on Tuesday. Finally, National Bank Financial restated a “sector perform” rating and issued a $8.10 price target (up previously from $7.00) on shares of New Gold in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. New Gold has an average rating of “Hold” and an average target price of $5.74.
New Gold (NYSEMKT:NGD) opened at 3.85 on Friday. The firm’s market cap is $1.97 billion. New Gold has a 12-month low of $1.76 and a 12-month high of $6.04. The company’s 50 day moving average is $4.74 and its 200 day moving average is $4.54.
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New Gold (NYSEMKT:NGD) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.03 EPS for the quarter. The firm earned $180.30 million during the quarter, compared to analysts’ expectations of $163.44 million. The firm’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.02 EPS. On average, equities analysts anticipate that New Gold will post $0.08 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale purchased a new position in New Gold during the second quarter worth about $867,000. Moore Capital Management LP purchased a new position in New Gold during the first quarter worth about $811,000. Aperio Group LLC raised its position in New Gold by 36.5% in the first quarter. Aperio Group LLC now owns 104,889 shares of the company’s stock worth $391,000 after buying an additional 28,059 shares during the last quarter. Credit Agricole S A raised its position in New Gold by 4.0% in the first quarter. Credit Agricole S A now owns 2,303,101 shares of the company’s stock worth $8,591,000 after buying an additional 89,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in New Gold by 74.6% in the first quarter. Goldman Sachs Group Inc. now owns 876,946 shares of the company’s stock worth $3,271,000 after buying an additional 374,734 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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