New Gold (NGD) Shares Down 3.4% Following Analyst Downgrade
New Gold Inc. (NYSEAMERICAN:NGD) shares were down 3.4% during trading on Friday after TD Securities lowered their price target on the stock from $5.00 to $4.50. TD Securities currently has a buy rating on the stock. New Gold traded as low as $2.22 and last traded at $2.42. Approximately 2,642,284 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 5,660,960 shares. The stock had previously closed at $2.34.
Other analysts also recently issued reports about the company. Royal Bank of Canada set a $4.00 price objective on New Gold and gave the company a “hold” rating in a report on Monday, February 26th. Raymond James decreased their price objective on New Gold from $4.25 to $3.75 and set a “market perform” rating for the company in a report on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $3.93.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Scotia Capital Inc. grew its holdings in New Gold by 17.8% during the 4th quarter. Scotia Capital Inc. now owns 444,482 shares of the basic materials company’s stock worth $1,457,000 after acquiring an additional 67,020 shares during the period. Exane Derivatives grew its holdings in New Gold by 59.3% during the 4th quarter. Exane Derivatives now owns 1,311,301 shares of the basic materials company’s stock worth $4,313,000 after acquiring an additional 487,995 shares during the period. Virtu Financial LLC grew its holdings in New Gold by 52.0% during the 4th quarter. Virtu Financial LLC now owns 531,653 shares of the basic materials company’s stock worth $1,749,000 after acquiring an additional 181,977 shares during the period. Candriam Luxembourg S.C.A. acquired a new stake in New Gold during the 4th quarter worth about $516,000. Finally, Investec Asset Management LTD acquired a new stake in New Gold during the 4th quarter worth about $11,516,000. Institutional investors and hedge funds own 51.53% of the company’s stock.
New Gold (NYSEAMERICAN:NGD) last issued its quarterly earnings results on Wednesday, April 25th. The basic materials company reported ($0.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.04). New Gold had a negative return on equity of 32.21% and a negative net margin of 92.82%. The business had revenue of $193.20 million for the quarter, compared to analyst estimates of $217.01 million. During the same quarter in the previous year, the business posted $0.02 earnings per share. The business’s revenue was up 55.2% on a year-over-year basis. equities research analysts predict that New Gold Inc. will post 0.05 EPS for the current year.
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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