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 note issued to investors on Friday.
A number of other research analysts also recently commented on NGD. Scotiabank upgraded shares of New Gold from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the company from $2.00 to $2.25 in a research note on Tuesday, May 21st. National Bank Financial raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. BMO Capital Markets assumed coverage on shares of New Gold in a report on Friday. They set an “outperform” rating and a $3.50 target price on the stock. Finally, TD Securities raised shares of New Gold from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1.94.
Check Out Our Latest Report on New Gold
New Gold Stock Performance
Shares of NGD stock opened at $2.19 on Friday. The firm has a market capitalization of $1.73 billion, a PE ratio of -21.90 and a beta of 1.53. The company has a quick ratio of 0.89, a current ratio of 1.51 and a debt-to-equity ratio of 0.54. New Gold has a twelve month low of $0.86 and a twelve month high of $2.31.
New Gold (NYSE:NGD – Get Free Report) last announced its earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $192.10 million during the quarter. New Gold had a negative net margin of 9.81% and a positive return on equity of 5.23%. As a group, equities analysts predict that New Gold will post 0.12 earnings per share for the current fiscal year.
Hedge Funds Weigh In On New Gold
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its position in shares of New Gold by 8.4% during the 1st quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after purchasing an additional 5,613,145 shares in the last quarter. Hillsdale Investment Management Inc. boosted its position in shares of New Gold by 222.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock valued at $23,508,000 after purchasing an additional 11,186,898 shares in the last quarter. Invenomic Capital Management LP boosted its position in shares of New Gold by 19.6% during the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after purchasing an additional 1,654,396 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of New Gold by 346.6% during the 4th quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the company’s stock valued at $13,968,000 after purchasing an additional 7,477,711 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of New Gold by 1.0% during the 3rd quarter. American Century Companies Inc. now owns 5,095,417 shares of the company’s stock valued at $4,669,000 after purchasing an additional 48,886 shares in the last quarter. 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.
Further Reading
Receive News & Ratings for New Gold Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for New Gold and related companies with MarketBeat.com’s FREE daily email newsletter.