Zacks Investment Research Downgrades New Gold Inc. (NGD) to Hold
New Gold Inc. (NYSEMKT:NGD) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released 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 research analysts have also weighed in on the company. Bank of America Corp. set a $6.00 target price on New Gold and gave the company a “hold” rating in a report on Tuesday, October 4th. Desjardins lowered New Gold from a “buy” rating to a “hold” rating in a report on Wednesday, September 7th. Canaccord Genuity lowered New Gold from a “buy” rating to a “hold” rating in a report on Wednesday, September 7th. National Bank Financial reiterated a “sector perform” rating and set a $8.10 price target (up from $7.00) on shares of New Gold in a report on Thursday, August 4th. Finally, RBC Capital Markets reiterated a “sector perform” rating and set a $7.00 price target (down from $7.60) on shares of New Gold in a report on Wednesday, September 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $5.74.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/11/zacks-investment-research-downgrades-new-gold-inc-ngd-to-hold.html
New Gold (NYSEMKT:NGD) opened at 3.98 on Tuesday. The firm’s market capitalization is $2.04 billion. The firm has a 50-day moving average price of $4.69 and a 200-day moving average price of $4.55. New Gold has a one year low of $1.76 and a one year high of $6.04.
New Gold (NYSEMKT:NGD) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The firm earned $180.30 million during the quarter, compared to the consensus estimate of $163.44 million. The firm’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.02 EPS. Analysts expect that New Gold will post $0.08 EPS for the current year.
Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its position in 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 last quarter. Royal Bank of Canada boosted its position in 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 last quarter. Lincluden Management Ltd. boosted its position in 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 last quarter. Stifel Financial Corp boosted its position in 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 last quarter. Finally, Legal & General Group Plc boosted its position in 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 last quarter.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for New Gold Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Gold Inc. and related companies with MarketBeat.com's FREE daily email newsletter.