New Gold Inc (NYSEAMERICAN:NGD) has been given an average recommendation of “Hold” by the eleven research firms that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $1.08.
A number of analysts recently weighed in on the stock. Raymond James set a $1.25 target price on shares of New Gold and gave the stock a “market perform” rating in a research note on Friday, August 2nd. Zacks Investment Research upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $1.00 target price on the stock in a research note on Tuesday, July 9th. Canaccord Genuity restated a “hold” rating on shares of New Gold in a research note on Friday, July 19th. CIBC upgraded shares of New Gold from an “underperform” rating to a “neutral” rating in a research note on Monday, July 15th. Finally, JPMorgan Chase & Co. lowered shares of New Gold from a “neutral” rating to an “underweight” rating in a research note on Thursday, May 30th.
Several hedge funds have recently bought and sold shares of the company. Oppenheimer & Close LLC purchased a new stake in shares of New Gold during the second quarter worth approximately $27,000. D. E. Shaw & Co. Inc. purchased a new stake in shares of New Gold during the second quarter worth approximately $29,000. Financial Counselors Inc. purchased a new stake in shares of New Gold during the first quarter worth approximately $51,000. SG Americas Securities LLC raised its stake in shares of New Gold by 217.9% during the first quarter. SG Americas Securities LLC now owns 80,771 shares of the basic materials company’s stock worth $70,000 after purchasing an additional 55,363 shares during the last quarter. Finally, Moors & Cabot Inc. raised its stake in shares of New Gold by 145.2% during the first quarter. Moors & Cabot Inc. now owns 94,400 shares of the basic materials company’s stock worth $80,000 after purchasing an additional 55,900 shares during the last quarter. 51.53% of the stock is owned by institutional investors and hedge funds.
NGD traded up $0.02 on Friday, hitting $1.19. The company had a trading volume of 5,563,500 shares, compared to its average volume of 4,142,911. New Gold has a 1 year low of $0.61 and a 1 year high of $1.56.
New Gold (NYSEAMERICAN:NGD) last issued its quarterly earnings results on Thursday, August 1st. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. The business had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $166.10 million.
New Gold Company Profile
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 Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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