New Gold Inc. (NYSEMKT:NGD) Given Consensus Rating of “Hold” by Brokerages
Shares of New Gold Inc. (NYSEMKT:NGD) have received an average recommendation of “Hold” from the fourteen ratings firms that are covering the company. One analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $5.39.
NGD has been the topic of several analyst reports. Canaccord Genuity upgraded shares of New Gold from a “hold” rating to a “buy” rating and increased their price target for the stock from $6.25 to $7.75 in a research report on Tuesday, July 12th. Zacks Investment Research upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $5.50 price target on the stock in a research report on Saturday, July 9th. 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 $5.60 price target on shares of New Gold and gave the stock a “hold” rating in a research report on Sunday, September 11th. Finally, RBC Capital Markets reiterated a “sector perform” rating on shares of New Gold in a research report on Saturday.
Several institutional investors have recently added to or reduced their stakes in NGD. Commerzbank Aktiengesellschaft FI increased its position in shares of New Gold by 23.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 2,482,775 shares of the company’s stock worth $10,875,000 after buying an additional 477,272 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of New Gold by 564.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 173,050 shares of the company’s stock worth $753,000 after buying an additional 147,000 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of New Gold by 214.4% in the second quarter. Acadian Asset Management LLC now owns 1,331,933 shares of the company’s stock worth $5,834,000 after buying an additional 908,330 shares in the last quarter. Hexavest Inc. increased its position in shares of New Gold by 53.9% in the second quarter. Hexavest Inc. now owns 877,121 shares of the company’s stock worth $3,817,000 after buying an additional 307,221 shares in the last quarter. Finally, LPL Financial LLC increased its position in shares of New Gold by 1.2% in the first quarter. LPL Financial LLC now owns 207,454 shares of the company’s stock worth $782,000 after buying an additional 2,482 shares in the last quarter.
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New Gold (NYSEMKT:NGD) traded up 2.2494% during trading on Monday, hitting $3.9366. The stock had a trading volume of 1,320,370 shares. New Gold has a 12-month low of $1.76 and a 12-month high of $6.04. The stock has a 50 day moving average price of $4.74 and a 200 day moving average price of $4.54. The company’s market capitalization is $2.02 billion.
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 analyst estimates of $163.44 million. During the same quarter in the previous year, the company earned $0.02 EPS. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. Equities research analysts forecast that New Gold will post $0.08 earnings per share for the current year.
New Gold Company Profile
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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