New Gold Inc. (NGD) Given Consensus Recommendation of “Hold” by Brokerages

New Gold Inc. (NYSE:NGD) has received an average rating of “Hold” from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $3.88.

NGD has been the subject of several analyst reports. Raymond James Financial, Inc. reissued a “market perform” rating and issued a $3.50 target price on shares of New Gold in a research note on Thursday, June 15th. 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 Tuesday. TD Securities reissued a “buy” rating and issued a $5.00 target price on shares of New Gold in a research note on Friday, April 28th. Zacks Investment Research raised shares of New Gold from a “hold” rating to a “buy” rating and set a $3.25 target price for the company in a research note on Tuesday, May 23rd. Finally, Scotiabank reissued a “sector perform” rating and issued a $3.00 target price on shares of New Gold in a research note on Wednesday, April 26th.

A number of institutional investors have recently added to or reduced their stakes in the company. Two Sigma Securities LLC bought a new position in New Gold during the first quarter worth approximately $166,000. AQR Capital Management LLC boosted its position in New Gold by 35.7% in the fourth quarter. AQR Capital Management LLC now owns 47,752 shares of the company’s stock worth $168,000 after buying an additional 12,572 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its position in New Gold by 13.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 48,063 shares of the company’s stock worth $169,000 after buying an additional 5,600 shares during the period. Comerica Bank boosted its position in New Gold by 5.9% in the first quarter. Comerica Bank now owns 63,328 shares of the company’s stock worth $176,000 after buying an additional 3,513 shares during the period. Finally, SG Americas Securities LLC boosted its position in New Gold by 47.4% in the first quarter. SG Americas Securities LLC now owns 68,607 shares of the company’s stock worth $204,000 after buying an additional 22,068 shares during the period.

Shares of New Gold (NGD) remained flat at $3.03 during mid-day trading on Friday. The company’s stock had a trading volume of 378,966 shares. The stock has a market capitalization of $1.74 billion and a P/E ratio of 108.21. New Gold has a 12 month low of $2.39 and a 12 month high of $6.04. The stock has a 50-day moving average price of $3.01 and a 200-day moving average price of $3.10.

New Gold (NYSE:NGD) last released its earnings results on Wednesday, April 26th. The company reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. New Gold had a net margin of 22.12% and a return on equity of 6.89%. The business had revenue of $169.50 million during the quarter, compared to analysts’ expectations of $174.99 million. New Gold’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, analysts predict that New Gold will post $0.08 earnings per share 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.