New Gold (NYSEAMERICAN:NGD) had its price objective lifted by Raymond James from $2.25 to $2.50 in a report released on Wednesday, BayStreet.CA reports. The firm presently has a “market perform” rating on the basic materials company’s stock. Raymond James’ price target suggests a potential upside of 14.68% from the company’s current price. Raymond James also issued estimates for New Gold’s Q2 2021 earnings at $0.05 EPS and Q3 2021 earnings at $0.08 EPS.
Other equities research analysts have also recently issued reports about the company. TheStreet upgraded New Gold from a “d+” rating to a “c” rating in a report on Monday, May 24th. Canaccord Genuity decreased their price objective on New Gold from $2.75 to $2.50 and set a “buy” rating for the company in a research note on Thursday, May 6th. Finally, Zacks Investment Research upgraded New Gold from a “sell” rating to a “hold” rating in a research note on Wednesday, May 12th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. New Gold presently has a consensus rating of “Hold” and an average target price of $2.03.
Shares of New Gold stock opened at $2.18 on Wednesday. The firm has a fifty day simple moving average of $2.17. The company has a market cap of $1.48 billion, a P/E ratio of -36.33, a PEG ratio of 2.20 and a beta of 2.00. The company has a quick ratio of 1.94, a current ratio of 2.59 and a debt-to-equity ratio of 0.60. New Gold has a 52 week low of $1.05 and a 52 week high of $2.40.
Several hedge funds have recently made changes to their positions in NGD. CIBC Asset Management Inc increased its holdings in shares of New Gold by 26.9% in the fourth quarter. CIBC Asset Management Inc now owns 1,445,871 shares of the basic materials company’s stock valued at $3,173,000 after purchasing an additional 306,574 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of New Gold in the fourth quarter valued at about $167,000. HC Advisors LLC grew its holdings in New Gold by 215.8% during the fourth quarter. HC Advisors LLC now owns 37,900 shares of the basic materials company’s stock worth $83,000 after acquiring an additional 25,900 shares during the period. NorthRock Partners LLC acquired a new stake in New Gold during the fourth quarter worth about $29,000. Finally, Profund Advisors LLC acquired a new stake in New Gold during the fourth quarter worth about $144,000. 34.51% 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 principal operating properties include 100% interests in the Rainy River gold-silver mine located in Ontario, Canada; and New Afton gold-copper mine located in British Columbia, Canada.
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