New Gold (NYSE:NGD – Get Free Report) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.
NGD has been the topic of a number of other reports. Cibc World Mkts raised New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Scotiabank raised their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Royal Bank of Canada increased their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, CIBC lifted their price target on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $2.74.
Check Out Our Latest Stock Analysis on New Gold
New Gold Price Performance
New Gold (NYSE:NGD – Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The firm had revenue of $218.20 million during the quarter. Analysts predict that New Gold will post 0.15 earnings per share for the current fiscal year.
Institutional Trading of New Gold
A number of institutional investors and hedge funds have recently made changes to their positions in NGD. Scientech Research LLC bought a new position in New Gold in the second quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of New Gold in the 1st quarter valued at $30,000. Allworth Financial LP increased its stake in shares of New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after purchasing an additional 9,418 shares during the last quarter. Eastern Bank acquired a new position in shares of New Gold during the 3rd quarter worth $33,000. Finally, Rathbones Group PLC bought a new stake in shares of New Gold during the 2nd quarter worth $36,000. Institutional investors own 42.82% of the company’s stock.
New Gold Company Profile
New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.
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