New Gold (NYSE:NGD – Get Free Report) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.
Several other equities analysts have also issued reports on NGD. CIBC increased their target price on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Scotiabank increased their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada increased their price objective on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $2.74.
Get Our Latest Stock Report on New Gold
New Gold Trading Down 1.7 %
New Gold (NYSE:NGD – Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. The business had revenue of $218.20 million for the quarter. Sell-side analysts predict that New Gold will post 0.15 EPS for the current year.
Hedge Funds Weigh In On New Gold
Hedge funds and other institutional investors have recently bought and sold shares of the company. Scientech Research LLC purchased a new stake in New Gold in the 2nd quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. purchased a new stake in shares of New Gold in the first quarter valued at approximately $30,000. Rathbones Group PLC acquired a new position in New Gold during the second quarter worth $36,000. Moloney Securities Asset Management LLC purchased a new position in New Gold in the first quarter worth $42,000. Finally, Morton Capital Management LLC CA lifted its holdings in New Gold by 23.3% in the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after acquiring an additional 5,000 shares during the period. 42.82% of the stock is currently owned by hedge funds and other institutional investors.
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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