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. “
NGD has been the subject of a number of other reports. Canaccord Genuity boosted their target price on shares of New Gold from C$2.00 to C$2.50 and gave the company a “buy” rating in a research report on Monday, November 15th. Raymond James set a $1.75 price target on shares of New Gold and gave the stock a “market perform” rating in a research report on Monday, November 15th. National Bank Financial upped their price objective on shares of New Gold from C$2.25 to C$2.50 and gave the company a “sector perform” rating in a research note on Monday. Cormark reaffirmed a “hold” rating on shares of New Gold in a research note on Friday, September 17th. Finally, TD Securities increased their price target on shares of New Gold from $1.50 to $1.75 and gave the company a “hold” rating in a research note on Monday, November 15th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, New Gold presently has a consensus rating of “Hold” and a consensus price target of $2.21.
New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings results on Friday, November 12th. The basic materials company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.01. New Gold had a negative net margin of 0.82% and a positive return on equity of 8.10%. On average, sell-side analysts predict that New Gold will post 0.13 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. grew its stake in New Gold by 53.8% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 25,239 shares of the basic materials company’s stock worth $27,000 after buying an additional 8,824 shares during the period. Evanson Asset Management LLC acquired a new stake in shares of New Gold during the third quarter worth $47,000. B. Riley Wealth Management Inc. bought a new position in shares of New Gold during the third quarter worth about $32,000. Dynamic Technology Lab Private Ltd bought a new position in shares of New Gold during the third quarter worth about $38,000. Finally, HighTower Advisors LLC bought a new position in shares of New Gold during the second quarter worth about $67,000. 31.55% of the stock is owned by institutional investors and hedge funds.
About New Gold
New Gold Inc is a gold mining company, which is engaged in the operation, development and exploration of mineral properties. Its portfolio includes Rainy RIver, New Afton, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.
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