Insider Buying: New Gold Inc (NGD) Director Purchases C$110,000.00 in Stock

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New Gold Inc (TSE:NGD) (ARCA:NGD) Director Renaud Adams purchased 100,000 shares of the firm’s stock in a transaction dated Wednesday, November 7th. The stock was bought at an average cost of C$1.10 per share, for a total transaction of C$110,000.00.

Shares of NGD opened at C$1.09 on Friday. The company has a current ratio of 2.96, a quick ratio of 1.47 and a debt-to-equity ratio of 52.73. New Gold Inc has a twelve month low of C$0.90 and a twelve month high of C$4.45.

New Gold (TSE:NGD) (ARCA:NGD) last announced its quarterly earnings results on Wednesday, October 24th. The company reported C($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of C($0.05) by C$0.04. The firm had revenue of C$192.25 million for the quarter, compared to analysts’ expectations of C$245.55 million. Research analysts expect that New Gold Inc will post -0.0299999977981653 EPS for the current fiscal year.

A number of brokerages have recently issued reports on NGD. Desjardins cut their price objective on shares of New Gold from C$1.25 to C$0.75 and set a “sell” rating for the company in a research note on Tuesday, September 4th. Cormark cut their price objective on shares of New Gold from C$2.50 to C$1.50 in a research note on Friday, September 21st. Canaccord Genuity raised shares of New Gold from a “sell” rating to a “hold” rating in a research note on Monday, August 20th. Eight Capital cut their price objective on shares of New Gold from C$1.75 to C$1.35 in a research note on Thursday, September 20th. Finally, National Bank Financial cut shares of New Gold from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from C$2.75 to C$1.70 in a research note on Thursday, August 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. New Gold presently has a consensus rating of “Hold” and an average price target of C$2.14.

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About New Gold

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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