New Gold Inc (NYSEAMERICAN:NGD) Given Average Recommendation of “Hold” by Brokerages

New Gold Inc (NYSEAMERICAN:NGD) has been given a consensus rating of “Hold” by the eleven research firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $1.08.

A number of equities research analysts have weighed in on NGD shares. JPMorgan Chase & Co. lowered shares of New Gold from a “neutral” rating to an “underweight” rating in a research note on Thursday, May 30th. CIBC upgraded shares of New Gold from an “underperform” rating to a “neutral” rating in a research note on Monday, July 15th. Zacks Investment Research upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $1.00 target price for the company in a research note on Tuesday, July 9th. Canaccord Genuity reiterated a “hold” rating on shares of New Gold in a research note on Friday, July 19th. Finally, Raymond James set a $1.25 price objective on New Gold and gave the stock a “market perform” rating in a research note on Friday, August 2nd.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Exor Investments UK LLP raised its position in shares of New Gold by 26.6% during the 2nd 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 in the last quarter. Russell Investments Group Ltd. raised its position in New Gold by 0.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 18,156,143 shares of the basic materials company’s stock worth $17,411,000 after purchasing an additional 163,955 shares during the period. Morgan Stanley raised its position in New Gold by 32.6% in the 2nd quarter. Morgan Stanley now owns 17,781,978 shares of the basic materials company’s stock worth $17,093,000 after purchasing an additional 4,374,584 shares during the period. Renaissance Technologies LLC raised its position in New Gold by 44.7% in the 2nd quarter. Renaissance Technologies LLC now owns 13,764,730 shares of the basic materials company’s stock worth $13,232,000 after purchasing an additional 4,249,390 shares during the period. Finally, Deutsche Bank AG raised its position in New Gold by 21.2% in the 4th quarter. Deutsche Bank AG now owns 8,274,564 shares of the basic materials company’s stock worth $6,263,000 after purchasing an additional 1,449,710 shares during the period. Hedge funds and other institutional investors own 51.53% of the company’s stock.



Shares of NGD traded up $0.02 during mid-day trading on Friday, reaching $1.17. The company had a trading volume of 384,644 shares, compared to its average volume of 4,141,338. New Gold has a 52 week low of $0.61 and a 52 week high of $1.56.

New Gold (NYSEAMERICAN:NGD) last issued its quarterly earnings results on Thursday, August 1st. The basic materials company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $155.10 million during the quarter, compared to the consensus estimate of $166.10 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 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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Analyst Recommendations for New Gold (NYSEAMERICAN:NGD)

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