BMO Capital Markets restated their hold rating on shares of New Gold (NYSEAMERICAN:NGD) in a research note published on Thursday morning.
Other equities analysts have also issued reports about the company. Raymond James set a $1.25 price target on New Gold and gave the company a market perform rating in a research note on Friday, October 26th. Royal Bank of Canada lowered New Gold from a sector perform rating to an underperform rating and decreased their price target for the company from $3.50 to $1.40 in a research note on Wednesday, August 15th. TD Securities decreased their price target on New Gold from $1.75 to $1.50 and set a hold rating for the company in a research note on Thursday, August 9th. Scotiabank lowered New Gold from an outperform rating to a sector perform rating in a research note on Wednesday, August 8th. Finally, Canaccord Genuity raised New Gold from a sell rating to a hold rating in a research note on Monday, August 20th. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company. The company currently has a consensus rating of Hold and an average target price of $1.87.
NGD stock traded up $0.01 on Thursday, reaching $0.80. The company’s stock had a trading volume of 2,054,500 shares, compared to its average volume of 4,714,920. New Gold has a 52 week low of $0.69 and a 52 week high of $3.56. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.28 and a quick ratio of 1.38.
New Gold (NYSEAMERICAN:NGD) last issued its quarterly earnings results on Wednesday, October 24th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The firm had revenue of $147.10 million during the quarter, compared to analyst estimates of $189.47 million. New Gold had a negative return on equity of 32.21% and a negative net margin of 92.82%. Equities research analysts anticipate that New Gold will post 0.05 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of NGD. Wells Fargo & Company MN boosted its stake in New Gold by 22.1% during the 1st quarter. Wells Fargo & Company MN now owns 1,030,248 shares of the basic materials company’s stock valued at $2,658,000 after purchasing an additional 186,237 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of New Gold by 26.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 103,765 shares of the basic materials company’s stock valued at $267,000 after acquiring an additional 21,800 shares during the last quarter. Guggenheim Capital LLC lifted its position in shares of New Gold by 18.8% during the 1st quarter. Guggenheim Capital LLC now owns 559,383 shares of the basic materials company’s stock valued at $1,444,000 after acquiring an additional 88,719 shares during the last quarter. Millennium Management LLC lifted its position in shares of New Gold by 2,583.0% during the 1st quarter. Millennium Management LLC now owns 1,697,213 shares of the basic materials company’s stock valued at $4,379,000 after acquiring an additional 1,633,956 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in shares of New Gold by 10.6% during the 2nd quarter. Bank of Montreal Can now owns 5,615,256 shares of the basic materials company’s stock valued at $11,680,000 after acquiring an additional 539,254 shares during the last quarter. 51.53% of the stock is owned by hedge funds and other institutional investors.
About New Gold
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 New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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