New Gold Inc. (NYSEAMERICAN:NGD) – Investment analysts at National Bank Financial decreased their FY2017 earnings per share estimates for shares of New Gold in a research report issued on Wednesday, Zacks Investment Research reports. National Bank Financial analyst M. Parkin now forecasts that the basic materials company will post earnings of $0.05 per share for the year, down from their prior estimate of $0.06. National Bank Financial also issued estimates for New Gold’s FY2019 earnings at $0.30 EPS.
A number of other research firms also recently commented on NGD. Royal Bank of Canada reduced their target price on New Gold from $4.25 to $3.75 and set a “sector perform” rating on the stock in a research report on Friday, February 2nd. BidaskClub downgraded New Gold from a “buy” rating to a “hold” rating in a research report on Thursday, October 26th. Finally, Canaccord Genuity upgraded New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 20th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $3.93.
Shares of New Gold (NGD) traded up $0.10 during trading on Friday, reaching $2.67. The company had a trading volume of 9,327,618 shares, compared to its average volume of 6,188,490. New Gold has a 52-week low of $2.54 and a 52-week high of $4.25. The stock has a market capitalization of $1,400.00, a P/E ratio of 25.70, a price-to-earnings-growth ratio of 13.01 and a beta of 0.11. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.38 and a current ratio of 2.28.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Spark Investment Management LLC acquired a new stake in shares of New Gold in the fourth quarter valued at $515,000. Quadrature Capital Ltd acquired a new stake in shares of New Gold in the fourth quarter valued at $425,000. OppenheimerFunds Inc. grew its stake in shares of New Gold by 55.0% in the fourth quarter. OppenheimerFunds Inc. now owns 310,000 shares of the basic materials company’s stock valued at $1,020,000 after buying an additional 110,000 shares in the last quarter. Kopernik Global Investors LLC grew its stake in shares of New Gold by 37.6% in the fourth quarter. Kopernik Global Investors LLC now owns 10,071,864 shares of the basic materials company’s stock valued at $33,136,000 after buying an additional 2,754,539 shares in the last quarter. Finally, Virtu Financial LLC grew its stake in shares of New Gold by 52.0% in the fourth quarter. Virtu Financial LLC now owns 531,653 shares of the basic materials company’s stock valued at $1,749,000 after buying an additional 181,977 shares in the last quarter. 51.53% of the stock is owned by institutional investors and hedge funds.
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About New Gold
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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