New Gold Inc. (NGD) Receives Consensus Rating of “Hold” from Analysts
New Gold Inc. (NYSE:NGD) (TSE:NGD) has received a consensus rating of “Hold” from the nine research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $3.88.
A number of analysts have issued reports on the stock. Royal Bank Of Canada set a $4.00 target price on shares of New Gold and gave the company a “hold” rating in a research note on Wednesday, August 23rd. Zacks Investment Research upgraded shares of New Gold from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. National Bank Financial upgraded shares of New Gold from a “sector perform” rating to an “outperform” rating in a research note on Monday, July 24th. Finally, Raymond James Financial, Inc. reiterated a “market perform” rating and issued a $3.50 target price on shares of New Gold in a research note on Thursday, June 15th.
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Hedge funds have recently made changes to their positions in the stock. World Asset Management Inc increased its position in New Gold by 6.8% during the second quarter. World Asset Management Inc now owns 33,894 shares of the company’s stock worth $108,000 after acquiring an additional 2,162 shares during the period. First Manhattan Co. bought a new stake in New Gold in the 2nd quarter valued at $135,000. Pacad Investment Ltd. increased its holdings in New Gold by 25.0% in the 2nd quarter. Pacad Investment Ltd. now owns 46,500 shares of the company’s stock valued at $148,000 after buying an additional 9,300 shares during the period. Advisor Group Inc. increased its holdings in New Gold by 4.5% in the 2nd quarter. Advisor Group Inc. now owns 46,794 shares of the company’s stock valued at $149,000 after buying an additional 2,000 shares during the period. Finally, Shell Asset Management Co. increased its holdings in New Gold by 1.1% in the 1st quarter. Shell Asset Management Co. now owns 54,000 shares of the company’s stock valued at $214,000 after buying an additional 600 shares during the period.
New Gold (NYSE NGD) traded down 2.38% during midday trading on Friday, hitting $4.10. 5,326,851 shares of the stock traded hands. New Gold has a 1-year low of $2.39 and a 1-year high of $4.99. The firm has a market cap of $2.36 billion and a P/E ratio of 42.27. The company has a 50-day moving average price of $3.48 and a 200-day moving average price of $3.10.
New Gold (NYSE:NGD) (TSE:NGD) last posted its quarterly earnings results on Wednesday, July 26th. The company reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. The business had revenue of $185.60 million during the quarter, compared to analysts’ expectations of $181.17 million. New Gold had a net margin of 12.45% and a return on equity of 4.03%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the company posted ($0.02) earnings per share. Analysts predict that New Gold will post $0.06 EPS for the current year.
About New Gold
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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