Royal Bank Of Canada set a $4.00 price target on New Gold Inc. (NYSE:NGD) in a research report released on Wednesday. The brokerage currently has a hold rating on the stock.
NGD has been the topic of several other research reports. Zacks Investment Research upgraded New Gold from a sell rating to a hold rating in a report on Thursday, July 27th. Scotiabank restated a sector perform rating and set a $3.00 price objective on shares of New Gold in a report on Wednesday, April 26th. National Bank Financial upgraded New Gold from a sector perform rating to an outperform rating in a report on Monday, July 24th. 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, 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. New Gold presently has an average rating of Hold and a consensus target price of $3.79.
Shares of New Gold (NGD) remained flat at $3.49 during trading on Wednesday. 2,226,802 shares of the company’s stock were exchanged. The company has a market cap of $2.01 billion and a P/E ratio of 35.98. The company’s 50-day moving average is $3.25 and its 200 day moving average is $3.04. New Gold has a 12-month low of $2.39 and a 12-month high of $5.79.
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 the consensus estimate of $0.02. New Gold had a return on equity of 4.03% and a net margin of 12.45%. The business had revenue of $185.60 million for the quarter, compared to analysts’ expectations of $181.17 million. During the same quarter last year, the firm earned ($0.02) earnings per share. The business’s revenue was up 2.9% on a year-over-year basis. Equities analysts anticipate that New Gold will post $0.06 earnings per share for the current year.
Hedge funds and other 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 valued at $138,013,000 after buying an additional 6,032,337 shares during the period. 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 valued at $296,000 after buying an additional 9,739 shares during the period. Balter Liquid Alternatives LLC purchased a new position in shares of New Gold during the first quarter valued at $346,000. Ingalls & Snyder LLC raised its position in shares of New Gold by 1.3% in the first quarter. Ingalls & Snyder LLC now owns 8,519,410 shares of the company’s stock valued at $25,388,000 after buying an additional 107,020 shares during the period. Finally, CIBC Asset Management Inc raised its position in shares of New Gold by 13.3% in the second quarter. CIBC Asset Management Inc now owns 3,506,178 shares of the company’s stock valued at $11,126,000 after buying an additional 410,754 shares during the period.
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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