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 recently issued reports on NGD. Canaccord Genuity reissued a hold rating on shares of New Gold in a research report on Friday, July 19th. Raymond James set a $1.25 target price on shares of New Gold and gave the stock a market perform rating in a research report on Friday, August 2nd. Royal Bank of Canada raised shares of New Gold from an underperform rating to a sector perform rating and raised their target price for the stock from $1.00 to $1.30 in a research report on Thursday, September 5th. CIBC raised shares of New Gold from an underperform rating to a neutral rating in a research report on Monday, July 15th. Finally, JPMorgan Chase & Co. cut shares of New Gold from a neutral rating to an underweight rating in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating and ten have assigned a hold rating to the stock. The company presently has an average rating of Hold and an average price target of $1.10.
Shares of NYSEAMERICAN NGD opened at $1.17 on Wednesday. New Gold has a 12 month low of $0.61 and a 12 month high of $1.56.
New Gold (NYSEAMERICAN:NGD) last released its earnings results on Thursday, August 1st. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The company had revenue of $155.10 million during the quarter, compared to analyst estimates of $166.10 million.
Several institutional investors and hedge funds have recently added to or reduced their stakes in NGD. River & Mercantile Asset Management LLP acquired a new position in New Gold during the second quarter valued at approximately $908,000. Schroder Investment Management Group acquired a new position in New Gold during the second quarter valued at approximately $1,684,000. UBS Asset Management Americas Inc. lifted its position in New Gold by 28.9% during the second quarter. UBS Asset Management Americas Inc. now owns 430,447 shares of the basic materials company’s stock valued at $418,000 after buying an additional 96,600 shares in the last quarter. Jane Street Group LLC lifted its position in New Gold by 21.7% during the second quarter. Jane Street Group LLC now owns 815,597 shares of the basic materials company’s stock valued at $784,000 after buying an additional 145,442 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new position in New Gold during the second quarter valued at approximately $29,000. 51.53% of the stock is currently owned by institutional investors and hedge funds.
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.
Recommended Story: What is dollar cost averaging (DCA)?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for New Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Gold and related companies with MarketBeat.com's FREE daily email newsletter.