Raymond James Analysts Give New Gold (NYSEAMERICAN:NGD) a $1.25 Price Target

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Raymond James set a $1.25 target price on New Gold (NYSEAMERICAN:NGD) in a research note released on Friday, BayStreet.CA reports. The firm currently has a market perform rating on the basic materials company’s stock.

A number of other research firms have also recently weighed in on NGD. Zacks Investment Research upgraded New Gold from a hold rating to a buy rating and set a $1.00 price target for the company in a report on Tuesday, July 9th. CIBC upgraded New Gold from an underperform rating to a neutral rating in a report on Monday, July 15th. JPMorgan Chase & Co. cut New Gold from a neutral rating to an underweight rating in a report on Thursday, May 30th. Canaccord Genuity restated a hold rating on shares of New Gold in a report on Friday, July 19th. Finally, Credit Suisse Group started coverage on New Gold in a research note on Tuesday, April 16th. They set a neutral rating and a $1.00 target price for the company. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. New Gold presently has a consensus rating of Hold and an average price target of $1.03.

NYSEAMERICAN NGD opened at $1.28 on Friday. New Gold has a fifty-two week low of $0.61 and a fifty-two week high of $1.56.

New Gold (NYSEAMERICAN:NGD) last released its quarterly earnings results on Thursday, August 1st. The basic materials company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. The company had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $166.10 million.

Institutional investors have recently added to or reduced their stakes in the company. Exane Derivatives boosted its stake in shares of New Gold by 10.6% during the 1st quarter. Exane Derivatives now owns 4,529,282 shares of the basic materials company’s stock valued at $3,899,000 after buying an additional 433,839 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of New Gold by 19.8% during the 1st quarter. Bank of Montreal Can now owns 5,259,068 shares of the basic materials company’s stock valued at $4,528,000 after buying an additional 869,761 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of New Gold by 217.9% during the 1st quarter. SG Americas Securities LLC now owns 80,771 shares of the basic materials company’s stock valued at $70,000 after buying an additional 55,363 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of New Gold by 21.2% during the 4th quarter. Deutsche Bank AG now owns 8,274,564 shares of the basic materials company’s stock valued at $6,263,000 after buying an additional 1,449,710 shares during the last quarter. Finally, Toronto Dominion Bank boosted its stake in shares of New Gold by 1.6% during the 1st quarter. Toronto Dominion Bank now owns 974,703 shares of the basic materials company’s stock valued at $832,000 after buying an additional 15,789 shares during the last quarter. Institutional investors own 51.53% of the company’s stock.

About New Gold

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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Analyst Recommendations for New Gold (NYSEAMERICAN:NGD)

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