Brokerages Set New Gold Inc (NYSEAMERICAN:NGD) Target Price at $1.16

Shares of New Gold Inc (NYSEAMERICAN:NGD) have been given an average rating of “Hold” by the twelve research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $1.16.

Several analysts recently commented on the company. Raymond James set a $1.25 target price on New Gold and gave the company a “market perform” rating in a report on Friday, August 2nd. Canaccord Genuity reiterated a “hold” rating on shares of New Gold in a report on Friday, July 19th. Royal Bank of Canada upgraded New Gold from an “underperform” rating to a “sector perform” rating and upped their target price for the company from $1.00 to $1.30 in a report on Thursday, September 5th. BidaskClub cut New Gold from a “buy” rating to a “hold” rating in a report on Saturday, August 31st. Finally, Zacks Investment Research cut New Gold from a “buy” rating to a “hold” rating in a report on Wednesday, September 18th.

Institutional investors have recently bought and sold shares of the business. Oppenheimer & Close LLC acquired a new position in shares of New Gold during the second quarter worth approximately $27,000. D. E. Shaw & Co. Inc. acquired a new position in shares of New Gold during the second quarter worth approximately $29,000. Financial Counselors Inc. acquired a new position in shares of New Gold during the first quarter worth approximately $51,000. SG Americas Securities LLC raised its position in shares of New Gold by 217.9% during the first quarter. SG Americas Securities LLC now owns 80,771 shares of the basic materials company’s stock worth $70,000 after purchasing an additional 55,363 shares during the period. Finally, Brave Asset Management Inc. raised its position in shares of New Gold by 15.6% during the second quarter. Brave Asset Management Inc. now owns 126,000 shares of the basic materials company’s stock worth $121,000 after purchasing an additional 17,000 shares during the period. Hedge funds and other institutional investors own 51.53% of the company’s stock.

NGD stock traded down $0.01 during trading on Friday, hitting $1.02. The company had a trading volume of 4,633,200 shares, compared to its average volume of 4,994,138. The business has a 50-day moving average of $1.20 and a 200-day moving average of $0.98. New Gold has a one year low of $0.61 and a one year high of $1.56.

New Gold (NYSEAMERICAN:NGD) last announced its earnings results on Thursday, August 1st. The basic materials company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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.

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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Analyst Recommendations for New Gold (NYSEAMERICAN:NGD)

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