New Gold Inc (NYSEAMERICAN:NGD) has been assigned a consensus rating of “Hold” from the twelve analysts that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $1.11.
Several brokerages have commented on NGD. Royal Bank of Canada lowered their target price on shares of New Gold from $1.25 to $1.00 and set an “underperform” rating for the company in a research note on Wednesday, February 27th. Canaccord Genuity assumed coverage on shares of New Gold in a report on Monday, March 25th. They issued an “average” rating and a $1.15 price target for the company. Zacks Investment Research cut shares of New Gold from a “buy” rating to a “hold” rating in a report on Friday, March 29th. GMP Securities reiterated a “neutral” rating and issued a $1.15 price target on shares of New Gold in a report on Friday, February 22nd. Finally, CIBC reiterated a “hold” rating on shares of New Gold in a report on Sunday, January 20th.
Institutional investors and hedge funds have recently modified their holdings of the company. Signition LP bought a new position in New Gold during the fourth quarter worth about $66,000. Mackenzie Financial Corp bought a new position in New Gold during the third quarter worth about $103,000. Clean Yield Group increased its position in New Gold by 166.7% during the fourth quarter. Clean Yield Group now owns 160,000 shares of the basic materials company’s stock worth $121,000 after acquiring an additional 100,000 shares during the period. D. E. Shaw & Co. Inc. increased its position in New Gold by 163.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 191,714 shares of the basic materials company’s stock worth $148,000 after acquiring an additional 118,963 shares during the period. Finally, Norges Bank bought a new position in New Gold during the fourth quarter worth about $312,000. 51.53% of the stock is currently owned by institutional investors.
Shares of NGD traded down $0.01 on Friday, reaching $0.94. 8,700 shares of the company’s stock were exchanged, compared to its average volume of 3,374,744. New Gold has a 12 month low of $0.69 and a 12 month high of $2.53.
New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings results on Thursday, February 14th. The basic materials company reported $0.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.05. The business had revenue of $157.40 million for the quarter, compared to the consensus estimate of $176.79 million.
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 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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