Shares of New Gold Inc (NYSEAMERICAN:NGD) gapped up before the market opened on Wednesday . The stock had previously closed at $0.82, but opened at $0.80. New Gold shares last traded at $0.77, with a volume of 132,140 shares.
A number of equities research analysts have weighed in on NGD shares. CIBC downgraded New Gold from a “neutral” rating to a “sector underperform” rating and set a $0.60 price objective on the stock. in a report on Friday, February 14th. Royal Bank of Canada reaffirmed a “sell” rating and set a $0.65 price objective on shares of New Gold in a report on Monday, January 27th. TD Securities decreased their price objective on New Gold from $1.15 to $0.95 and set a “hold” rating on the stock in a report on Friday, February 14th. Canaccord Genuity reaffirmed a “buy” rating and set a $1.50 price objective on shares of New Gold in a report on Friday, February 14th. Finally, Raymond James set a $1.25 price objective on New Gold and gave the company a “market perform” rating in a report on Tuesday. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $1.01.
The business’s fifty day moving average is $1.20.
New Gold (NYSEAMERICAN:NGD) last released its quarterly earnings data on Thursday, February 13th. The basic materials company reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). The company had revenue of $139.20 million for the quarter.
Several institutional investors and hedge funds have recently made changes to their positions in NGD. Islay Capital Management LLC acquired a new position in shares of New Gold in the 4th quarter worth approximately $26,000. State Street Corp acquired a new position in shares of New Gold in the 3rd quarter worth approximately $35,000. Great West Life Assurance Co. Can boosted its holdings in shares of New Gold by 37.3% in the 4th quarter. Great West Life Assurance Co. Can now owns 46,067 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 12,512 shares in the last quarter. Oxbow Advisors LLC boosted its holdings in shares of New Gold by 96.5% in the 4th quarter. Oxbow Advisors LLC now owns 61,500 shares of the basic materials company’s stock worth $54,000 after acquiring an additional 30,200 shares in the last quarter. Finally, Stifel Financial Corp boosted its holdings in shares of New Gold by 238.3% in the 3rd quarter. Stifel Financial Corp now owns 59,626 shares of the basic materials company’s stock worth $61,000 after acquiring an additional 42,000 shares in the last quarter. 51.53% of the stock is currently owned by institutional investors and hedge funds.
About New Gold (NYSEAMERICAN:NGD)
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 operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
