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 analysts have also recently issued reports on NGD. RBC Capital Markets reissued a sector perform rating on shares of New Gold in a research report on Saturday. Bank of America Corp. set a $6.00 price target on shares of New Gold and gave the stock a hold rating in a research report on Tuesday, October 4th. Desjardins raised shares of New Gold from a hold rating to a buy rating in a research report on Friday, September 16th. Canaccord Genuity cut shares of New Gold from a buy rating to a hold rating in a research report on Wednesday, September 7th. Finally, National Bank Financial reissued a sector perform rating and set a $8.10 price target (up previously from $7.00) on shares of New Gold in a research report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $5.62.
Shares of New Gold (NYSEMKT:NGD) opened at 3.85 on Tuesday. The company has a 50-day moving average of $4.65 and a 200-day moving average of $4.55. The firm’s market capitalization is $1.97 billion. New Gold has a 1-year low of $1.76 and a 1-year high of $6.04.
New Gold (NYSEMKT:NGD) last posted its earnings results on Wednesday, July 27th. The company reported $0.03 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 company earned $0.02 EPS. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. Equities research analysts predict that New Gold will post $0.08 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Aperio Group LLC raised its position in shares of New Gold by 36.5% in the first quarter. Aperio Group LLC now owns 104,889 shares of the company’s stock valued at $391,000 after buying an additional 28,059 shares in the last quarter. Spark Investment Management LLC raised its position in shares of New Gold by 59.9% in the first quarter. Spark Investment Management LLC now owns 1,111,000 shares of the company’s stock worth $4,143,000 after buying an additional 416,000 shares during the period. Credit Agricole S A raised its position in shares of New Gold by 4.0% in the first quarter. Credit Agricole S A now owns 2,303,101 shares of the company’s stock worth $8,591,000 after buying an additional 89,000 shares during the period. PCJ Investment Counsel Ltd. raised its position in shares of New Gold by 29.6% in the first quarter. PCJ Investment Counsel Ltd. now owns 515,395 shares of the company’s stock worth $1,933,000 after buying an additional 117,595 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of New Gold by 74.6% in the first quarter. Goldman Sachs Group Inc. now owns 876,946 shares of the company’s stock worth $3,271,000 after buying an additional 374,734 shares during the period.
About New Gold
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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