National Bank Financial upgraded shares of New Gold Inc. (NYSE:NGD) from a sector perform rating to an outperform rating in a research report sent to investors on Monday, July 24th, Marketbeat reports.
A number of other analysts also recently issued reports on NGD. Zacks Investment Research downgraded shares of New Gold from a hold rating to a sell rating in a report on Saturday, July 15th. Royal Bank Of Canada restated a hold rating and set a $3.50 price objective on shares of New Gold in a report on Tuesday, May 16th. Raymond James Financial, Inc. restated a market perform rating and set a $3.50 price objective on shares of New Gold in a report on Thursday, June 15th. TD Securities restated a buy rating and set a $5.00 price objective on shares of New Gold in a report on Friday, April 28th. Finally, Scotiabank reiterated a sector perform rating and set a $3.00 target price on shares of New Gold in a research report on Wednesday, April 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $3.79.
Shares of New Gold (NYSE:NGD) opened at 3.43 on Monday. The company’s 50 day moving average is $3.14 and its 200 day moving average is $3.04. The company has a market cap of $1.98 billion and a P/E ratio of 35.36. New Gold has a one year low of $2.39 and a one year high of $5.92.
New Gold (NYSE:NGD) last posted its quarterly earnings data on Wednesday, July 26th. The company reported $0.02 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 $185.60 million during the quarter, compared to the consensus estimate of $181.17 million. During the same quarter last year, the company posted ($0.02) earnings per share. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities analysts predict that New Gold will post $0.06 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of the company. Van ECK Associates Corp raised its position in shares of New Gold by 15.0% in the first quarter. Van ECK Associates Corp now owns 46,313,044 shares of the company’s stock worth $138,013,000 after buying an additional 6,032,337 shares in the last quarter. Comerica Bank raised its position in shares of New Gold by 8.5% in the fourth quarter. Comerica Bank now owns 59,815 shares of the company’s stock worth $243,000 after buying an additional 4,707 shares in the last quarter. Norges Bank acquired a new position in shares of New Gold during the fourth quarter worth $11,605,000. Profund Advisors LLC raised its position in shares of New Gold by 10.9% in the first quarter. Profund Advisors LLC now owns 99,309 shares of the company’s stock worth $296,000 after buying an additional 9,739 shares in the last quarter. Finally, Balter Liquid Alternatives LLC acquired a new position in shares of New Gold during the first quarter worth $346,000.
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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