New Gold Inc (NYSEAMERICAN:NGD) – Equities researchers at Raymond James cut their FY2019 earnings per share (EPS) estimates for New Gold in a research note issued to investors on Tuesday, January 21st. Raymond James analyst F. Hamed now forecasts that the basic materials company will earn ($0.11) per share for the year, down from their previous forecast of ($0.10). Raymond James has a “Market Perform” rating and a $1.25 price target on the stock. Raymond James also issued estimates for New Gold’s Q4 2019 earnings at ($0.04) EPS, Q1 2020 earnings at $0.00 EPS, Q2 2020 earnings at $0.00 EPS, Q3 2020 earnings at $0.00 EPS and Q4 2020 earnings at $0.00 EPS.
Several other equities research analysts also recently commented on the company. CIBC set a $1.40 target price on New Gold and gave the stock a “hold” rating in a report on Tuesday, October 15th. Royal Bank of Canada assumed coverage on New Gold in a research note on Wednesday, December 4th. They issued a “sell” rating and a $0.65 price target for the company. Finally, Zacks Investment Research cut New Gold from a “buy” rating to a “hold” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $1.09.
New Gold (NYSEAMERICAN:NGD) last released its quarterly earnings results on Wednesday, November 6th. The basic materials company reported ($0.02) earnings per share for the quarter. The company had revenue of $168.40 million during the quarter.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. D. E. Shaw & Co. Inc. bought a new position in shares of New Gold in the second quarter worth about $29,000. State Street Corp bought a new position in New Gold during the third quarter valued at approximately $35,000. Stifel Financial Corp boosted its stake in New Gold by 238.3% during the third quarter. Stifel Financial Corp now owns 59,626 shares of the basic materials company’s stock valued at $61,000 after buying an additional 42,000 shares during the last quarter. Signition LP boosted its stake in New Gold by 96.4% during the third quarter. Signition LP now owns 70,100 shares of the basic materials company’s stock valued at $71,000 after buying an additional 34,400 shares during the last quarter. Finally, Virtu Financial LLC boosted its stake in New Gold by 67.8% during the third quarter. Virtu Financial LLC now owns 80,099 shares of the basic materials company’s stock valued at $81,000 after buying an additional 32,363 shares during the last quarter. 51.53% of the stock is owned by hedge funds and other institutional investors.
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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