New Gold Inc. (NGD) Stock Rating Lowered by Zacks Investment Research
New Gold Inc. (NYSEMKT:NGD) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
Other equities research analysts have also recently issued research reports about the stock. Bank of America Corp. set a $5.60 target price on shares of New Gold and gave the company a “hold” rating in a research note on Sunday, September 11th. RBC Capital Markets restated a “sector perform” rating on shares of New Gold in a research note on Saturday. Royal Bank Of Canada restated a “sector perform” rating on shares of New Gold in a research note on Wednesday, June 29th. National Bank Financial restated a “sector perform” rating and set a $8.10 price target (up previously from $7.00) on shares of New Gold in a research note on Thursday, August 4th. Finally, Canaccord Genuity upgraded shares of New Gold from a “hold” rating to a “buy” rating and raised their price target for the stock from $6.25 to $7.75 in a research note on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $5.74.
New Gold (NYSEMKT:NGD) opened at 3.98 on Tuesday. The company’s market capitalization is $2.04 billion. The company has a 50-day moving average price of $4.69 and a 200-day moving average price of $4.55. New Gold has a one year low of $1.76 and a one year high of $6.04.
New Gold (NYSEMKT:NGD) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The firm had revenue of $180.30 million for the quarter, compared to the consensus estimate of $163.44 million. During the same quarter last year, the company earned $0.02 earnings per share. The firm’s revenue was up 7.5% on a year-over-year basis. Equities research analysts anticipate that New Gold will post $0.08 EPS for the current year.
Hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA raised its stake in shares of New Gold by 100.6% in the third quarter. BNP Paribas Arbitrage SA now owns 171,915 shares of the company’s stock worth $753,000 after buying an additional 86,210 shares in the last quarter. Royal Bank of Canada raised its stake in New Gold by 8.3% in the second quarter. Royal Bank of Canada now owns 2,511,066 shares of the company’s stock worth $11,000,000 after buying an additional 193,275 shares in the last quarter. 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 worth $107,000 after buying an additional 665 shares in the last quarter. Stifel Financial Corp raised its stake in New Gold by 3.9% in the second quarter. Stifel Financial Corp now owns 266,100 shares of the company’s stock worth $1,166,000 after buying an additional 9,896 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in New Gold by 11.3% in the second quarter. Legal & General Group Plc now owns 486,175 shares of the company’s stock worth $2,115,000 after buying an additional 49,530 shares in 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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