Zacks Investment Research upgraded shares of New Gold (NYSEAMERICAN:NGD) from a hold rating to a buy rating in a research report released on Thursday, Zacks.com reports. The firm currently has $1.25 target price on the basic materials company’s stock.
According to Zacks, “New Gold Inc. is focused on the exploration and development of the Afton Copper-Gold Project, located 6 miles (10 km) west of Kamloops, British Columbia. “
Other equities research analysts have also recently issued reports about the stock. CIBC upgraded shares of New Gold from an underperform rating to a neutral rating in a report on Monday, July 15th. JPMorgan Chase & Co. cut shares of New Gold from a neutral rating to an underweight rating in a report on Thursday, May 30th. Raymond James set a $1.25 price objective on shares of New Gold and gave the stock a market perform rating in a report on Friday, August 2nd. Canaccord Genuity restated a hold rating on shares of New Gold in a report on Friday, July 19th. Finally, Royal Bank of Canada upgraded shares of New Gold from an underperform rating to a sector perform rating and upped their price target for the company from $1.00 to $1.30 in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. New Gold presently has a consensus rating of Hold and a consensus target price of $1.10.
Shares of NYSEAMERICAN:NGD opened at $1.20 on Thursday. New Gold has a 1 year low of $0.61 and a 1 year high of $1.56.
New Gold (NYSEAMERICAN:NGD) last issued its quarterly earnings data on Thursday, August 1st. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. The business had revenue of $155.10 million during the quarter, compared to the consensus estimate of $166.10 million.
A number of hedge funds have recently added to or reduced their stakes in the business. Exor Investments UK LLP lifted its stake in shares of New Gold by 26.6% in the second quarter. Exor Investments UK LLP now owns 27,626,907 shares of the basic materials company’s stock valued at $26,558,000 after buying an additional 5,809,242 shares during the period. Morgan Stanley lifted its stake in shares of New Gold by 32.6% in the second quarter. Morgan Stanley now owns 17,781,978 shares of the basic materials company’s stock valued at $17,093,000 after buying an additional 4,374,584 shares during the period. Renaissance Technologies LLC lifted its stake in shares of New Gold by 44.7% in the second quarter. Renaissance Technologies LLC now owns 13,764,730 shares of the basic materials company’s stock valued at $13,232,000 after buying an additional 4,249,390 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of New Gold by 86.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,139,552 shares of the basic materials company’s stock valued at $6,939,000 after buying an additional 3,308,800 shares during the period. Finally, Invesco Ltd. bought a new stake in shares of New Gold in the second quarter valued at about $3,093,000. Institutional investors own 51.53% of the company’s stock.
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 Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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