New Gold Inc. (NYSEAMERICAN:NGD – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $0.97, but opened at $1.02. New Gold shares last traded at $1.02, with a volume of 773,382 shares traded.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on NGD. TD Securities cut their price objective on New Gold from $1.05 to $1.00 and set a “reduce” rating for the company in a report on Friday, July 28th. StockNews.com downgraded New Gold from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Finally, TheStreet upgraded New Gold from a “d” rating to a “c-” rating in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, New Gold currently has a consensus rating of “Hold” and an average target price of $1.33.
Read Our Latest Research Report on New Gold
New Gold Stock Up 7.1 %
New Gold (NYSEAMERICAN:NGD – Get Free Report) last announced its quarterly earnings data on Wednesday, July 26th. The basic materials company reported $0.02 earnings per share for the quarter. New Gold had a positive return on equity of 1.10% and a negative net margin of 7.93%. The firm had revenue of $184.40 million during the quarter. As a group, sell-side analysts forecast that New Gold Inc. will post 0.05 earnings per share for the current fiscal year.
Hedge Funds Weigh In On New Gold
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp raised its holdings in shares of New Gold by 9.0% during the first quarter. Van ECK Associates Corp now owns 72,242,626 shares of the basic materials company’s stock valued at $79,467,000 after acquiring an additional 5,959,821 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of New Gold by 3.3% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,673,182 shares of the basic materials company’s stock valued at $18,134,000 after acquiring an additional 528,500 shares in the last quarter. Invesco Ltd. raised its holdings in shares of New Gold by 48.4% during the first quarter. Invesco Ltd. now owns 16,612,687 shares of the basic materials company’s stock valued at $29,903,000 after acquiring an additional 5,421,488 shares in the last quarter. Renaissance Technologies LLC grew its stake in New Gold by 8.0% in the second quarter. Renaissance Technologies LLC now owns 15,772,864 shares of the basic materials company’s stock worth $17,035,000 after purchasing an additional 1,167,000 shares during the period. Finally, TSP Capital Management Group LLC grew its stake in New Gold by 6.1% in the first quarter. TSP Capital Management Group LLC now owns 11,017,000 shares of the basic materials company’s stock worth $12,119,000 after purchasing an additional 634,000 shares during the period. Institutional investors own 30.96% of the company’s stock.
New Gold Company Profile
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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