New Gold Inc. (NGD) Upgraded at Zacks Investment Research
New Gold Inc. (NYSEMKT:NGD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $4.25 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 10.39% from the stock’s previous close.
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. “
Several other equities research analysts have also commented on NGD. Bank of America Corp. set a $5.60 price objective on shares of New Gold and gave the stock a “hold” rating in a research report on Sunday, September 11th. RBC Capital Markets reiterated a “sector perform” rating on shares of New Gold in a research report on Saturday. Royal Bank Of Canada reiterated a “sector perform” rating on shares of New Gold in a research report on Wednesday, June 29th. National Bank Financial reiterated a “sector perform” rating and issued a $8.10 price objective (up from $7.00) on shares of New Gold in a research report on Thursday, August 4th. Finally, Canaccord Genuity upgraded shares of New Gold from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $6.25 to $7.75 in a research report on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $5.62.
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New Gold (NYSEMKT:NGD) opened at 3.85 on Wednesday. The stock has a 50 day moving average of $4.65 and a 200 day moving average of $4.55. The stock’s market cap is $1.97 billion. New Gold has a 1-year low of $1.76 and a 1-year high of $6.04.
New Gold (NYSEMKT:NGD) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.03 EPS for the quarter. The business earned $180.30 million during the quarter, compared to analysts’ expectations of $163.44 million. During the same quarter in the prior year, the firm earned $0.02 earnings per share. New Gold’s quarterly revenue was up 7.5% on a year-over-year basis. Equities analysts expect that New Gold will post $0.08 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Commerzbank Aktiengesellschaft FI increased its position in 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 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 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 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 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.
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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