Analysts Set New Gold Inc. (NGD) PT at $5.37
New Gold Inc. (NYSEMKT:NGD) (TSE:NGD) has earned a consensus recommendation of “Hold” from the thirteen research firms that are presently covering the company. One research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $5.37.
Several equities research analysts recently weighed in on the company. RBC Capital Markets reissued a “sector perform” rating and set a $7.00 price objective (down previously from $7.60) on shares of New Gold in a report on Wednesday, September 14th. Desjardins raised New Gold from a “hold” rating to a “buy” rating in a report on Friday, September 16th. Zacks Investment Research raised New Gold from a “hold” rating to a “buy” rating and set a $4.25 price objective on the stock in a report on Wednesday, October 12th. Bank of America Corp. set a $6.00 price objective on New Gold and gave the company a “hold” rating in a report on Tuesday, October 4th. Finally, Canaccord Genuity lowered New Gold from a “buy” rating to a “hold” rating in a research report on Wednesday, September 7th.
Shares of New Gold (NYSEMKT:NGD) opened at 3.78 on Monday. New Gold has a 12-month low of $1.76 and a 12-month high of $6.04. The company has a market cap of $1.94 billion, a P/E ratio of 189.00 and a beta of 0.58. The company has a 50-day moving average price of $4.02 and a 200-day moving average price of $4.51.
New Gold (NYSEMKT:NGD) last issued its earnings results on Thursday, October 27th. The company reported $0.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.01. The business earned $178.70 million during the quarter, compared to analyst estimates of $179.10 million. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.02) EPS. On average, analysts predict that New Gold will post $0.07 earnings per share for the current year.
Institutional investors have recently made changes to their positions 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 period. Numeric Investors LLC bought a new stake in New Gold during the second quarter worth approximately $108,000. Verition Fund Management LLC bought a new stake in New Gold during the third quarter worth approximately $117,000. Princeton Alpha Management LP bought a new stake in New Gold during the third quarter worth approximately $125,000. Finally, Mackenzie Financial Corp bought a new stake in New Gold during the second quarter worth approximately $133,000.
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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