New Gold Inc. (NGD) PT Set at $4.00 by Royal Bank Of Canada
Several other research firms have also recently weighed in on NGD. Zacks Investment Research cut shares of New Gold from a buy rating to a hold rating in a research report on Saturday, July 1st. National Bank Financial upgraded shares of New Gold from a sector perform rating to an outperform rating in a research report on Monday, July 24th. Scotiabank restated a sector perform rating and issued a $3.00 price objective on shares of New Gold in a research report on Wednesday, April 26th. Raymond James Financial, Inc. restated a market perform rating and issued a $3.50 price objective on shares of New Gold in a research report on Thursday, June 15th. Finally, TD Securities restated a buy rating and issued a $5.00 price objective on shares of New Gold in a research report on Friday, April 28th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. New Gold presently has an average rating of Hold and an average target price of $3.79.
Shares of New Gold (NYSE NGD) opened at 3.49 on Wednesday. The stock’s 50 day moving average is $3.25 and its 200 day moving average is $3.04. New Gold has a 12 month low of $2.39 and a 12 month high of $5.70. The firm has a market capitalization of $2.01 billion and a price-to-earnings ratio of 35.98.
New Gold (NYSE:NGD) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.02 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.02. New Gold had a return on equity of 4.03% and a net margin of 12.45%. The firm had revenue of $185.60 million for the quarter, compared to analysts’ expectations of $181.17 million. During the same period in the prior year, the business posted ($0.02) earnings per share. The company’s revenue was up 2.9% on a year-over-year basis. Equities research analysts forecast that New Gold will post $0.06 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of NGD. UBS Asset Management Americas Inc. boosted its position in New Gold by 146.5% in the first quarter. UBS Asset Management Americas Inc. now owns 454,342 shares of the company’s stock valued at $1,352,000 after buying an additional 270,033 shares during the period. Swiss National Bank raised its stake in shares of New Gold by 12.5% in the first quarter. Swiss National Bank now owns 948,062 shares of the company’s stock valued at $2,830,000 after buying an additional 105,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of New Gold by 40.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 252,112 shares of the company’s stock valued at $750,000 after buying an additional 72,400 shares in the last quarter. Comerica Bank raised its stake in shares of New Gold by 5.9% in the first quarter. Comerica Bank now owns 63,328 shares of the company’s stock valued at $176,000 after buying an additional 3,513 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in shares of New Gold by 60.8% in the first quarter. BNP Paribas Arbitrage SA now owns 370,497 shares of the company’s stock valued at $1,104,000 after buying an additional 140,104 shares in the last quarter.
About New Gold
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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