New Gold Inc (NGD) Receives Average Recommendation of “Hold” from Analysts

Shares of New Gold Inc (NYSEAMERICAN:NGD) have received an average recommendation of “Hold” from the ten analysts that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $1.34.

NGD has been the topic of a number of research reports. Canaccord Genuity upgraded New Gold from a “sell” rating to a “hold” rating in a research note on Monday, August 20th. Royal Bank of Canada downgraded New Gold from a “sector perform” rating to an “underperform” rating and dropped their price target for the stock from $3.50 to $1.40 in a research note on Wednesday, August 15th. Zacks Investment Research upgraded New Gold from a “strong sell” rating to a “hold” rating in a research note on Saturday, September 8th. BMO Capital Markets restated a “hold” rating on shares of New Gold in a research note on Thursday, November 1st. Finally, National Bank Financial restated a “hold” rating on shares of New Gold in a research note on Monday, November 12th.

A number of institutional investors have recently bought and sold shares of NGD. Kopernik Global Investors LLC lifted its position in New Gold by 32.4% during the 3rd quarter. Kopernik Global Investors LLC now owns 35,499,116 shares of the basic materials company’s stock worth $28,161,000 after acquiring an additional 8,693,991 shares during the period. Russell Investments Group Ltd. lifted its position in New Gold by 65.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 14,972,656 shares of the basic materials company’s stock worth $11,846,000 after acquiring an additional 5,931,628 shares during the period. Exor Investments UK LLP lifted its position 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 during the period. Renaissance Technologies LLC lifted its position in New Gold by 119.0% during the 3rd quarter. Renaissance Technologies LLC now owns 6,332,384 shares of the basic materials company’s stock worth $5,023,000 after acquiring an additional 3,441,350 shares during the period. Finally, Van ECK Associates Corp lifted its position in New Gold by 3.4% during the 2nd quarter. Van ECK Associates Corp now owns 83,504,329 shares of the basic materials company’s stock worth $173,690,000 after acquiring an additional 2,752,495 shares during the period. 51.53% of the stock is owned by institutional investors.

Shares of NGD traded up $0.07 during mid-day trading on Monday, reaching $0.86. The company’s stock had a trading volume of 2,975,790 shares, compared to its average volume of 4,526,413. New Gold has a 12-month low of $0.69 and a 12-month high of $3.56.

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 business had revenue of $147.10 million during the quarter, compared to analysts’ expectations 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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Analyst Recommendations for New Gold (NYSEAMERICAN:NGD)

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