The New Gold Inc. (NGD) Receives “Sector Perform” Rating from RBC Capital Markets

The New Gold Inc. (NGD) Receives “Sector Perform” Rating from RBC Capital Markets

RBC Capital Markets reiterated their sector perform rating on shares of New Gold Inc. (NYSEMKT:NGD) in a research note issued to investors on Saturday.

A number of other equities research analysts have also weighed in on NGD. Bank of America Corp. set a $6.00 target price on shares of New Gold and gave the company a hold rating in a research note on Tuesday. Desjardins lowered shares of New Gold from a buy rating to a hold rating in a research note on Wednesday, September 7th. Canaccord Genuity lowered shares of New Gold from a buy rating to a hold rating in a research note on Wednesday, September 7th. National Bank Financial reiterated a sector perform rating and set a $8.10 target price (up from $7.00) on shares of New Gold in a research note on Thursday, August 4th. Finally, Zacks Investment Research upgraded shares of New Gold from a hold rating to a buy rating and set a $5.50 target price for the company in a research note on Saturday, July 9th. One 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 company. The stock currently has an average rating of Hold and an average target price of $5.74.

New Gold (NYSEMKT:NGD) opened at 3.85 on Friday. The firm’s 50-day moving average is $4.74 and its 200 day moving average is $4.54. New Gold has a 12-month low of $1.76 and a 12-month high of $6.04. The stock’s market capitalization is $1.97 billion.

New Gold (NYSEMKT:NGD) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.03 earnings per share for the quarter. The firm earned $180.30 million during the quarter, compared to analysts’ expectations of $163.44 million. During the same quarter in the previous year, the firm earned $0.02 earnings per share. New Gold’s revenue was up 7.5% on a year-over-year basis. Equities research analysts anticipate that New Gold will post $0.08 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lincluden Management Ltd. increased its position in New Gold by 4.7% in the second quarter. Lincluden Management Ltd. now owns 14,840 shares of the company’s stock valued at $107,000 after buying an additional 665 shares during the period. Brave Asset Management Inc increased its position in New Gold by 1.7% in the second quarter. Brave Asset Management Inc now owns 120,300 shares of the company’s stock valued at $527,000 after buying an additional 2,000 shares during the period. World Asset Management Inc increased its position in New Gold by 7.8% in the second quarter. World Asset Management Inc now owns 31,716 shares of the company’s stock valued at $139,000 after buying an additional 2,297 shares during the period. Oxbow Advisors LLC increased its position in New Gold by 7.4% in the second quarter. Oxbow Advisors LLC now owns 34,660 shares of the company’s stock valued at $152,000 after buying an additional 2,390 shares during the period. Finally, LPL Financial LLC increased its position in New Gold by 1.2% in the first quarter. LPL Financial LLC now owns 207,454 shares of the company’s stock valued at $782,000 after buying an additional 2,482 shares during the period.

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