A number of other analysts also recently issued reports on NGD. TD Securities raised their price objective on shares of New Gold from $1.00 to $1.05 and gave the stock a “reduce” rating in a report on Friday, October 27th. TheStreet upgraded shares of New Gold from a “d” rating to a “c-” rating in a report on Thursday, July 27th. CSFB reduced their target price on shares of New Gold from $1.20 to $1.15 and set a “neutral” rating for the company in a research note on Thursday, August 17th. Finally, BMO Capital Markets lifted their target price on shares of New Gold from $2.00 to $2.25 and gave the stock an “outperform” rating in a research note on Friday, October 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, New Gold presently has an average rating of “Hold” and a consensus target price of $1.55.
New Gold Price Performance
New Gold (NYSEAMERICAN:NGD – Get Free Report) last released its quarterly earnings results on Wednesday, October 25th. The basic materials company reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. New Gold had a negative net margin of 7.20% and a positive return on equity of 5.19%. The company had revenue of $201.30 million for the quarter. As a group, analysts forecast that New Gold will post 0.06 earnings per share for the current fiscal year.
Hedge Funds Weigh In On New Gold
Several hedge funds have recently bought and sold shares of NGD. Virtu Financial LLC bought a new stake in New Gold during the first quarter valued at approximately $33,000. Citigroup Inc. lifted its position in New Gold by 127.1% during the first quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 12,707 shares during the last quarter. AE Wealth Management LLC bought a new stake in New Gold during the second quarter valued at approximately $28,000. Commonwealth Equity Services LLC bought a new stake in shares of New Gold in the 3rd quarter worth approximately $25,000. Finally, CreativeOne Wealth LLC bought a new stake in shares of New Gold in the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 31.78% of the company’s stock.
About New Gold
New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; New Afton mine situated in British Columbia, Canada; and the Cerro San Pedro mine in San Luis Potosí, Mexico.
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