New Gold Inc (NYSEAMERICAN:NGD) has been assigned a consensus recommendation of “Hold” from the ten analysts that are covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $1.34.
A number of research analysts have issued reports on the company. Royal Bank of Canada decreased their price target on New Gold from $1.25 to $1.00 and set an “underperform” rating for the company in a report on Wednesday, September 26th. Canaccord Genuity raised New Gold from a “sell” rating to a “hold” rating in a report on Monday, August 20th. National Bank Financial reissued a “hold” rating on shares of New Gold in a report on Monday, November 12th. Zacks Investment Research downgraded New Gold from a “hold” rating to a “strong sell” rating in a report on Thursday, September 20th. Finally, BMO Capital Markets restated a “hold” rating on shares of New Gold in a research report on Thursday, November 1st.
Institutional investors have recently made changes to their positions in the company. First Manhattan Co. lifted its stake in shares of New Gold by 1,245.5% in the 3rd quarter. First Manhattan Co. now owns 714,450 shares of the basic materials company’s stock valued at $566,000 after purchasing an additional 661,350 shares during the last quarter. Exor Investments UK LLP lifted its stake in New Gold by 43.0% during the 3rd quarter. Exor Investments UK LLP now owns 16,717,997 shares of the basic materials company’s stock worth $13,262,000 after acquiring an additional 5,028,121 shares in the last quarter. Global X Management Co LLC lifted its stake in New Gold by 38.8% during the 2nd quarter. Global X Management Co LLC now owns 721,946 shares of the basic materials company’s stock worth $1,504,000 after acquiring an additional 201,824 shares in the last quarter. OppenheimerFunds Inc. lifted its stake in New Gold by 135.5% during the 2nd quarter. OppenheimerFunds Inc. now owns 2,590,000 shares of the basic materials company’s stock worth $5,387,000 after acquiring an additional 1,490,000 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in New Gold by 35.9% during the 3rd quarter. Bank of Montreal Can now owns 7,629,428 shares of the basic materials company’s stock worth $6,052,000 after acquiring an additional 2,014,172 shares in the last quarter. 51.53% of the stock is currently owned by institutional investors and hedge funds.
New Gold (NYSEAMERICAN:NGD) last released its quarterly earnings data on Wednesday, October 24th. The basic materials company reported ($0.01) 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 the consensus estimate of $189.47 million.
New Gold Company Profile
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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