New Gold Inc. (NGD) Stock Rating Lowered by Zacks Investment Research
New Gold Inc. (NYSEMKT:NGD) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “New Gold Inc. is focused on the exploration and development of the Afton Copper-Gold Project, located 6 miles (10 km) west of Kamloops, British Columbia. “
A number of other analysts also recently issued reports on the stock. Bank of America Corp. set a $6.00 price objective on shares of New Gold and gave the company a “hold” rating in a report on Tuesday, October 4th. Desjardins downgraded shares of New Gold from a “buy” rating to a “hold” rating in a report on Wednesday, September 7th. Canaccord Genuity downgraded shares of New Gold from a “buy” rating to a “hold” rating in a report on Wednesday, September 7th. National Bank Financial reaffirmed a “sector perform” rating and set a $8.10 price target (up previously from $7.00) on shares of New Gold in a report on Thursday, August 4th. Finally, RBC Capital Markets reaffirmed a “sector perform” rating and set a $7.00 price target (down previously from $7.60) on shares of New Gold in a report on Wednesday, September 14th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. New Gold presently has an average rating of “Hold” and a consensus price target of $5.74.
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Shares of New Gold (NYSEMKT:NGD) opened at 3.98 on Tuesday. The firm’s 50-day moving average is $4.69 and its 200-day moving average is $4.55. New Gold has a 12-month low of $1.76 and a 12-month high of $6.04. The firm’s market cap is $2.04 billion.
New Gold (NYSEMKT:NGD) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The business earned $180.30 million during the quarter, compared to the consensus estimate of $163.44 million. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.02 EPS. Analysts predict that New Gold will post $0.08 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its position in shares of New Gold by 100.6% in the third quarter. BNP Paribas Arbitrage SA now owns 171,915 shares of the company’s stock valued at $753,000 after buying an additional 86,210 shares during the period. Royal Bank of Canada boosted its position in shares of New Gold by 8.3% in the second quarter. Royal Bank of Canada now owns 2,511,066 shares of the company’s stock valued at $11,000,000 after buying an additional 193,275 shares during the period. Lincluden Management Ltd. boosted its position in shares of New Gold by 4.7% in the second quarter. Lincluden Management Ltd. now owns 14,840 shares of the company’s stock valued at $107,000 after buying an additional 665 shares during the period. Stifel Financial Corp boosted its position in shares of New Gold by 3.9% in the second quarter. Stifel Financial Corp now owns 266,100 shares of the company’s stock valued at $1,166,000 after buying an additional 9,896 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of New Gold by 11.3% in the second quarter. Legal & General Group Plc now owns 486,175 shares of the company’s stock valued at $2,115,000 after buying an additional 49,530 shares during the period.
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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