New Gold Inc. (NGD) PT Raised to $4.25 at Royal Bank Of Canada
New Gold Inc. (NYSE:NGD) (TSE:NGD) had its price target increased by stock analysts at Royal Bank Of Canada from $3.75 to $4.25 in a report issued on Monday. The brokerage presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 17.08% from the company’s current price.
Several other equities research analysts have also issued reports on the company. National Bank Financial raised New Gold from a “sector perform” rating to an “outperform” rating in a research report on Monday, July 24th. Zacks Investment Research lowered New Gold from a “buy” rating to a “sell” rating in a research report on Tuesday, October 3rd. Credit Suisse Group upped their price target on New Gold from $3.00 to $3.30 and gave the company a “neutral” rating in a research report on Friday, September 29th. Canaccord Genuity raised New Gold from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Scotiabank upped their price target on New Gold from $3.00 to $4.00 and gave the company a “sector perform” rating in a research report on Friday, September 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $4.12.
Shares of New Gold (NYSE NGD) traded down 0.55% during trading on Monday, hitting $3.63. 3,676,483 shares of the stock were exchanged. The stock’s 50 day moving average price is $3.80 and its 200 day moving average price is $3.28. New Gold has a one year low of $2.39 and a one year high of $4.52. The stock has a market cap of $2.09 billion and a PE ratio of 37.42.
New Gold (NYSE:NGD) (TSE:NGD) last posted its quarterly earnings results on Wednesday, July 26th. The company reported $0.02 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ 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 return on equity of 4.03% and a net margin of 12.45%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.02) EPS. Equities research analysts predict that New Gold will post $0.06 EPS for the current year.
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A number of institutional investors and hedge funds have recently modified their holdings of the stock. Oxbow Advisors LLC grew its stake in New Gold by 72.5% during the 3rd quarter. Oxbow Advisors LLC now owns 35,455 shares of the company’s stock worth $132,000 after buying an additional 14,900 shares during the last quarter. Exane Derivatives grew its stake in New Gold by 34.9% during the 3rd quarter. Exane Derivatives now owns 823,306 shares of the company’s stock worth $3,054,000 after buying an additional 212,777 shares during the last quarter. Shell Asset Management Co. grew its stake in New Gold by 1,603.8% during the 3rd quarter. Shell Asset Management Co. now owns 920,026 shares of the company’s stock worth $5,217,000 after buying an additional 866,026 shares during the last quarter. Scotia Capital Inc. grew its stake in New Gold by 3.3% during the 2nd quarter. Scotia Capital Inc. now owns 357,071 shares of the company’s stock worth $1,124,000 after buying an additional 11,298 shares during the last quarter. Finally, Bank of Nova Scotia grew its stake in New Gold by 100.0% during the 2nd quarter. Bank of Nova Scotia now owns 163,922 shares of the company’s stock worth $521,000 after buying an additional 81,971 shares during the last quarter.
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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