New Gold Inc. (NGD) Receives Consensus Rating of “Hold” from Analysts
Shares of New Gold Inc. (NYSE:NGD) (TSE:NGD) have been given a consensus recommendation of “Hold” by the nine research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $4.10.
NGD has been the subject of several research reports. Zacks Investment Research lowered New Gold from a “buy” rating to a “sell” rating in a research note on Tuesday. Scotiabank upped their target price on shares of New Gold from $3.00 to $4.00 and gave the company a “sector perform” rating in a report on Friday, September 29th. Credit Suisse Group raised their price target on shares of New Gold from $3.00 to $3.30 and gave the stock a “neutral” rating in a research note on Friday, September 29th. Royal Bank Of Canada set a $4.00 price objective on shares of New Gold and gave the company a “hold” rating in a research report on Wednesday, August 23rd. Finally, National Bank Financial raised shares of New Gold from a “sector perform” rating to an “outperform” rating in a research note on Monday, July 24th.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp boosted its holdings in New Gold by 66.0% in the second quarter. Van ECK Associates Corp now owns 76,891,925 shares of the company’s stock valued at $244,516,000 after acquiring an additional 30,578,881 shares during the last quarter. Balyasny Asset Management LLC lifted its position in New Gold by 62.9% during the second quarter. Balyasny Asset Management LLC now owns 16,729,229 shares of the company’s stock valued at $53,199,000 after buying an additional 6,458,530 shares in the last quarter. Marlin Sams Capital Management LLC lifted its position in New Gold by 761.9% during the first quarter. Marlin Sams Capital Management LLC now owns 4,892,638 shares of the company’s stock valued at $14,580,000 after buying an additional 4,325,000 shares in the last quarter. Alps Advisors Inc. lifted its position in New Gold by 357.2% during the second quarter. Alps Advisors Inc. now owns 3,462,679 shares of the company’s stock valued at $11,011,000 after buying an additional 2,705,389 shares in the last quarter. Finally, Donald Smith & CO. Inc. lifted its position in New Gold by 29.1% during the second quarter. Donald Smith & CO. Inc. now owns 11,412,647 shares of the company’s stock valued at $36,292,000 after buying an additional 2,573,108 shares in the last quarter.
New Gold (NYSE:NGD) traded up 0.54% on Wednesday, reaching $3.72. 1,223,695 shares of the company’s stock were exchanged. The company has a market cap of $2.14 billion and a P/E ratio of 38.35. The firm has a 50 day moving average of $3.71 and a 200-day moving average of $3.21. New Gold has a 12-month low of $2.39 and a 12-month high of $4.53.
New Gold (NYSE:NGD) (TSE:NGD) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $181.17 million. New Gold had a net margin of 12.45% and a return on equity of 4.03%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.02) EPS. Equities analysts expect that New Gold will post $0.06 EPS for the current fiscal 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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