Zacks Investment Research upgraded shares of New Gold Inc. (NYSEMKT:NGD) from a hold rating to a buy rating in a research report report published on Wednesday. Zacks Investment Research currently has $4.25 target price on the stock.
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. “
A number of other research analysts also recently issued reports on NGD. Royal Bank Of Canada reissued a sector perform rating on shares of New Gold in a report on Wednesday, June 29th. Canaccord Genuity raised New Gold from a hold rating to a buy rating and boosted their price target for the company from $6.25 to $7.75 in a report on Tuesday, July 12th. National Bank Financial reissued a sector perform rating and issued a $8.10 price target (up from $7.00) on shares of New Gold in a report on Thursday, August 4th. Desjardins downgraded New Gold from a buy rating to a hold rating in a report on Wednesday, September 7th. Finally, Bank of America Corp. set a $5.60 price target on New Gold and gave the company a hold rating in a report on Sunday, September 11th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. New Gold currently has a consensus rating of Hold and an average price target of $5.62.
New Gold (NYSEMKT:NGD) opened at 3.87 on Wednesday. The stock’s market capitalization is $1.98 billion. The company has a 50 day moving average of $4.54 and a 200-day moving average of $4.54. New Gold has a 12-month low of $1.76 and a 12-month high of $6.04.
New Gold (NYSEMKT:NGD) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The company earned $180.30 million during the quarter, compared to analyst estimates of $163.44 million. During the same period in the previous year, the firm posted $0.02 earnings per share. The company’s revenue was up 7.5% compared to the same quarter last year. On average, equities research analysts forecast that New Gold will post $0.08 earnings per share for the current year.
Hedge funds have recently modified their holdings of the company. Lincluden Management Ltd. boosted its stake in shares of 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 last quarter. Brave Asset Management Inc boosted its stake in shares of New Gold by 1.7% in the second quarter. Brave Asset Management Inc now owns 120,300 shares of the company’s stock valued at $527,000 after buying an additional 2,000 shares during the last quarter. World Asset Management Inc boosted its stake in shares of 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 last quarter. Oxbow Advisors LLC boosted its stake in shares of New Gold by 7.4% in the second quarter. Oxbow Advisors LLC now owns 34,660 shares of the company’s stock valued at $152,000 after buying an additional 2,390 shares during the last quarter. Finally, LPL Financial LLC boosted its stake in shares of New Gold by 1.2% in the first quarter. LPL Financial LLC now owns 207,454 shares of the company’s stock valued at $782,000 after buying an additional 2,482 shares during the last quarter.
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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