New Gold (NYSEAMERICAN:NGD – Get Rating) had its price objective lowered by investment analysts at National Bank Financial from C$1.50 to C$1.20 in a report released on Thursday, The Fly reports. National Bank Financial also issued estimates for New Gold’s Q2 2022 earnings at ($0.03) EPS.
Other analysts have also issued research reports about the stock. Royal Bank of Canada cut their price objective on shares of New Gold from $1.50 to $1.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 12th. TD Securities decreased their price objective on shares of New Gold from $1.75 to $0.85 and set a “hold” rating on the stock in a report on Wednesday, July 13th. BMO Capital Markets decreased their price objective on shares of New Gold from C$3.00 to C$2.00 in a report on Wednesday, July 13th. TheStreet downgraded shares of New Gold from a “b-” rating to a “c” rating in a report on Thursday, May 19th. Finally, Canaccord Genuity Group upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Thursday, April 21st. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, New Gold has an average rating of “Hold” and an average price target of $1.51.
New Gold Trading Down 1.1 %
Shares of NYSEAMERICAN:NGD opened at $0.72 on Thursday. New Gold has a one year low of $0.67 and a one year high of $2.02. The company has a market cap of $489.07 million, a PE ratio of -14.34, a price-to-earnings-growth ratio of 1.21 and a beta of 1.99. The company has a quick ratio of 1.68, a current ratio of 2.38 and a debt-to-equity ratio of 0.61.
Institutional Investors Weigh In On New Gold
Several institutional investors and hedge funds have recently bought and sold shares of the company. National Bank of Canada FI bought a new position in shares of New Gold in the fourth quarter worth about $187,000. Commonwealth Equity Services LLC lifted its holdings in shares of New Gold by 131.7% in the fourth quarter. Commonwealth Equity Services LLC now owns 29,779 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 16,929 shares during the last quarter. HC Advisors LLC lifted its holdings in shares of New Gold by 18.9% in the fourth quarter. HC Advisors LLC now owns 160,850 shares of the basic materials company’s stock worth $241,000 after acquiring an additional 25,600 shares during the last quarter. Ruffer LLP bought a new position in shares of New Gold in the fourth quarter worth about $1,496,000. Finally, Monaco Asset Management SAM bought a new position in shares of New Gold in the fourth quarter worth about $43,000. Institutional investors own 30.03% 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; and New Afton mine situated in British Columbia, Canada.
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