New Gold Inc (NYSEAMERICAN:NGD) – Research analysts at National Bank Financial dropped their FY2019 earnings estimates for New Gold in a report issued on Wednesday, May 29th, according to Zacks Investment Research. National Bank Financial analyst M. Parkin now expects that the basic materials company will post earnings per share of ($0.05) for the year, down from their prior forecast of ($0.01). National Bank Financial also issued estimates for New Gold’s FY2020 earnings at ($0.04) EPS.
NGD has been the topic of a number of other research reports. Royal Bank of Canada decreased their target price on shares of New Gold from $1.25 to $1.00 and set an “underperform” rating on the stock in a research report on Wednesday, February 27th. Zacks Investment Research lowered shares of New Gold from a “buy” rating to a “hold” rating in a research report on Friday, March 29th. Canaccord Genuity began coverage on shares of New Gold in a research report on Monday, March 25th. They set an “average” rating and a $1.15 target price on the stock. JPMorgan Chase & Co. lowered shares of New Gold from a “neutral” rating to an “underweight” rating in a research report on Thursday, May 30th. Finally, Credit Suisse Group started coverage on shares of New Gold in a report on Tuesday, April 16th. They set a “neutral” rating and a $1.00 price target for the company. Three research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. New Gold has a consensus rating of “Hold” and a consensus target price of $1.00.
NGD traded up $0.10 on Monday, reaching $0.92. The company had a trading volume of 12,369,636 shares, compared to its average volume of 3,605,358. New Gold has a fifty-two week low of $0.61 and a fifty-two week high of $2.18.
Several institutional investors and hedge funds have recently bought and sold shares of NGD. Financial Counselors Inc. acquired a new stake in New Gold in the first quarter worth $51,000. SG Americas Securities LLC lifted its stake in shares of New Gold by 217.9% in the first quarter. SG Americas Securities LLC now owns 80,771 shares of the basic materials company’s stock valued at $70,000 after buying an additional 55,363 shares in the last quarter. Moors & Cabot Inc. lifted its stake in shares of New Gold by 145.2% in the first quarter. Moors & Cabot Inc. now owns 94,400 shares of the basic materials company’s stock valued at $80,000 after buying an additional 55,900 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in shares of New Gold by 163.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 191,714 shares of the basic materials company’s stock valued at $148,000 after buying an additional 118,963 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of New Gold by 181.1% in the fourth quarter. Mackenzie Financial Corp now owns 365,767 shares of the basic materials company’s stock valued at $277,000 after buying an additional 235,638 shares in the last quarter. Institutional investors own 51.53% of the company’s stock.
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.