According to Zacks, “New Gold Inc. is focused on the exploration and development of the Afton Copper-Gold Project, located 6 miles (10 km) west of Kamloops, British Columbia. “
Several other brokerages have also recently weighed in on NGD. National Bank Financial reaffirmed a sector perform rating and set a $8.10 price objective (up from $7.00) on shares of New Gold in a research note on Thursday, August 4th. Desjardins cut shares of New Gold from a buy rating to a hold rating in a research note on Wednesday, September 7th. Canaccord Genuity cut shares of New Gold from a buy rating to a hold rating in a research note on Wednesday, September 7th. Bank of America Corp. set a $5.60 price objective on shares of New Gold and gave the stock a hold rating in a research note on Sunday, September 11th. Finally, RBC Capital Markets reaffirmed a sector perform rating and set a $7.00 price objective (down from $7.60) on shares of New Gold in a research note on Wednesday, September 14th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $5.62.
New Gold (NYSEMKT:NGD) opened at 3.87 on Tuesday. New Gold has a 12-month low of $1.76 and a 12-month high of $6.04. The company’s market cap is $1.98 billion. The firm has a 50 day moving average price of $4.54 and a 200 day moving average price of $4.54.
New Gold (NYSEMKT:NGD) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The business earned $180.30 million during the quarter, compared to analyst estimates of $163.44 million. During the same period last year, the company earned $0.02 EPS. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, analysts anticipate that New Gold will post $0.08 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in NGD. Lincluden Management Ltd. raised its stake in New Gold by 4.7% in the second quarter. Lincluden Management Ltd. now owns 14,840 shares of the company’s stock valued at $107,000 after buying an additional 665 shares during the period. Numeric Investors LLC purchased a new stake in New Gold during the second quarter valued at $108,000. Mackenzie Financial Corp purchased a new stake in New Gold during the second quarter valued at $133,000. Advisor Group Inc. purchased a new stake in New Gold during the second quarter valued at $135,000. Finally, World Asset Management Inc raised its stake in New Gold by 7.8% in the second quarter. World Asset Management Inc now owns 31,716 shares of the company’s stock valued at $139,000 after buying an additional 2,297 shares during the period.
New Gold Company Profile
New Gold Inc is a Canada-based intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. The Company has operating mines in Canada, the United States, Australia and Mexico and development projects in Canada. The Company’s segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other.
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