New Gold Inc. (NGD) Rating Increased to Buy at Zacks Investment Research
New Gold Inc. (NYSE:NGD) (TSE:NGD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm currently has a $4.00 price target on the stock. Zacks Investment Research‘s target price suggests a potential upside of 7.82% from the company’s previous close.
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. “
Several other equities research analysts have also commented on NGD. Royal Bank Of Canada set a $4.00 price objective on New Gold and gave the stock a “hold” rating in a research note on Wednesday, August 23rd. Raymond James Financial, Inc. restated a “market perform” rating and issued a $3.50 price objective on shares of New Gold in a research note on Thursday, June 15th. Finally, National Bank Financial upgraded New Gold from a “sector perform” rating to an “outperform” rating in a research note on Monday, July 24th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. New Gold has a consensus rating of “Hold” and a consensus target price of $4.09.
New Gold (NYSE:NGD) opened at 3.71 on Friday. The stock has a 50 day moving average price of $3.63 and a 200 day moving average price of $3.15. The stock has a market capitalization of $2.14 billion and a PE ratio of 38.25. New Gold has a 12 month low of $2.39 and a 12 month high of $4.55.
New Gold (NYSE:NGD) (TSE:NGD) last posted its quarterly earnings data on Wednesday, July 26th. The company reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. The firm had revenue of $185.60 million during the quarter, compared to analyst estimates of $181.17 million. New Gold had a return on equity of 4.03% and a net margin of 12.45%. New Gold’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.02) EPS. On average, equities research analysts forecast that New Gold will post $0.06 earnings per share for the current fiscal year.
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Hedge funds have recently modified their holdings of the business. World Asset Management Inc increased its stake in New Gold by 6.8% in the 2nd quarter. World Asset Management Inc now owns 33,894 shares of the company’s stock worth $108,000 after buying an additional 2,162 shares in the last quarter. First Manhattan Co. purchased a new stake in New Gold in the 2nd quarter worth $135,000. Pacad Investment Ltd. increased its stake in New Gold by 25.0% in the 2nd quarter. Pacad Investment Ltd. now owns 46,500 shares of the company’s stock worth $148,000 after buying an additional 9,300 shares in the last quarter. Advisor Group Inc. increased its stake in New Gold by 4.5% in the 2nd quarter. Advisor Group Inc. now owns 46,794 shares of the company’s stock worth $149,000 after buying an additional 2,000 shares in the last quarter. Finally, Two Sigma Securities LLC purchased a new stake in New Gold in the 1st quarter worth $166,000.
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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