Bank of America Corp. Analysts Give New Gold Inc. (NGD) a $6.00 Price Target
New Gold Inc. (NYSEMKT:NGD) received a $6.00 target price from research analysts at Bank of America Corp. in a report released on Tuesday. The firm presently has a a “hold” rating on the stock. Bank of America Corp.’s target price points to a potential upside of 51.90% from the company’s current price.
NGD has been the topic of several other research reports. Zacks Investment Research upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a research note on Saturday, July 9th. Canaccord Genuity cut shares of New Gold from a “buy” rating to a “hold” rating in a research note on Wednesday, September 7th. Desjardins upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, September 16th. National Bank Financial restated a “sector perform” rating and set a $8.10 target price (up previously from $7.00) on shares of New Gold in a research note on Thursday, August 4th. Finally, RBC Capital Markets restated a “sector perform” rating and set a $7.00 target price (down previously from $7.60) on shares of New Gold in a research note on Wednesday, September 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $5.74.
Shares of New Gold (NYSEMKT:NGD) traded up 0.76% during trading on Tuesday, reaching $3.98. 4,145,333 shares of the company traded hands. New Gold has a 52 week low of $1.76 and a 52 week high of $6.04. The company’s market capitalization is $2.04 billion. The company’s 50-day moving average price is $4.90 and its 200-day moving average price is $4.54.
New Gold (NYSEMKT:NGD) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.03 EPS for the quarter. The firm had revenue of $180.30 million for the quarter, compared to analysts’ expectations of $163.44 million. During the same period last year, the company posted $0.02 earnings per share. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts forecast that New Gold will post $0.07 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the company. Lincluden Management Ltd. boosted 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 worth $107,000 after buying an additional 665 shares during the last quarter. Numeric Investors LLC bought a new stake in shares of New Gold during the second quarter worth about $108,000. Mackenzie Financial Corp bought a new stake in shares of New Gold during the second quarter worth about $133,000. Advisor Group Inc. bought a new stake in shares of New Gold during the second quarter worth about $135,000. Finally, World Asset Management Inc raised 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 worth $139,000 after buying an additional 2,297 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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