StockNews.com downgraded shares of New Gold (NYSE:NGD – Free Report) from a buy rating to a hold rating in a report released on Thursday morning.
Several other equities research analysts have also recently commented on the company. Scotiabank raised New Gold from a sector perform rating to a sector outperform rating and boosted their target price for the stock from $2.00 to $2.25 in a report on Tuesday, May 21st. BMO Capital Markets began coverage on New Gold in a report on Friday, May 31st. They issued an outperform rating and a $3.50 price target on the stock. Cibc World Mkts raised shares of New Gold to a strong-buy rating in a research note on Wednesday, July 10th. CIBC boosted their target price on shares of New Gold from $3.00 to $3.40 and gave the company an outperformer rating in a research note on Wednesday, July 10th. Finally, TD Securities raised shares of New Gold from a sell rating to a hold rating in a research note on Tuesday, May 21st. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, New Gold presently has a consensus rating of Moderate Buy and an average target price of $2.39.
Check Out Our Latest Report on NGD
New Gold Trading Up 6.7 %
New Gold (NYSE:NGD – Get Free Report) last announced its 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 firm had revenue of $218.20 million for the quarter. Sell-side analysts forecast that New Gold will post 0.14 earnings per share for the current fiscal year.
Institutional Investors Weigh In On New Gold
A number of large investors have recently bought and sold shares of NGD. Scientech Research LLC acquired a new position in New Gold during the 2nd quarter worth $28,000. Coppell Advisory Solutions Corp. acquired a new position in New Gold during the 1st quarter worth $30,000. Rathbones Group PLC acquired a new position in New Gold during the 2nd quarter worth $36,000. Moloney Securities Asset Management LLC acquired a new position in New Gold during the 1st quarter worth $42,000. Finally, Morton Capital Management LLC CA lifted its position in New Gold by 23.3% during the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after acquiring an additional 5,000 shares during the last quarter. 42.82% of the stock is currently owned by 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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