New Gold Inc. (NYSEMKT:NGD) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.
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. “
A number of other research firms have also recently weighed in on NGD. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of New Gold in a research note on Wednesday, June 29th. Bank of America Corp. set a $5.60 price target on shares of New Gold and gave the stock a “hold” rating in a research note on Sunday, September 11th. Canaccord Genuity raised shares of New Gold from a “hold” rating to a “buy” rating and upped their price target for the stock from $6.25 to $7.75 in a research note on Tuesday, July 12th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $7.00 price target (down from $7.60) on shares of New Gold in a research note on Wednesday, September 14th. Finally, National Bank Financial reaffirmed a “sector perform” rating and set a $8.10 price target (up from $7.00) on shares of New Gold in a research note on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $5.62.
New Gold (NYSEMKT:NGD) opened at 3.92 on Tuesday. New Gold has a 12-month low of $1.76 and a 12-month high of $6.04. The firm’s 50-day moving average is $4.60 and its 200 day moving average is $4.54. The stock’s market capitalization is $2.01 billion.
New Gold (NYSEMKT:NGD) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The firm earned $180.30 million during the quarter, compared to analyst estimates of $163.44 million. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.02 earnings per share. Equities analysts expect that New Gold will post $0.08 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NGD. DekaBank Deutsche Girozentrale purchased a new position in New Gold during the second quarter worth about $867,000. Moore Capital Management LP purchased a new position in New Gold during the first quarter worth about $811,000. Aperio Group LLC raised its position in New Gold by 36.5% in the first quarter. Aperio Group LLC now owns 104,889 shares of the company’s stock worth $391,000 after buying an additional 28,059 shares during the period. Credit Agricole S A raised its position in New Gold by 4.0% in the first quarter. Credit Agricole S A now owns 2,303,101 shares of the company’s stock worth $8,591,000 after buying an additional 89,000 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in New Gold by 74.6% in the first quarter. Goldman Sachs Group Inc. now owns 876,946 shares of the company’s stock worth $3,271,000 after buying an additional 374,734 shares during the period.
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