New Gold Inc. (NYSEAMERICAN:NGD) – Research analysts at Raymond James lowered their FY2021 earnings estimates for New Gold in a report released on Monday, April 5th. Raymond James analyst F. Hamed now forecasts that the basic materials company will post earnings per share of $0.17 for the year, down from their previous estimate of $0.19. Raymond James currently has a “Market Perform” rating and a $2.25 price target on the stock.
Other analysts have also recently issued reports about the stock. TheStreet cut shares of New Gold from a “c-” rating to a “d+” rating in a report on Monday, March 22nd. Canaccord Genuity decreased their price target on New Gold from $3.75 to $2.75 and set a “buy” rating for the company in a research report on Monday, February 22nd. CIBC downgraded New Gold from a “sector outperform” rating to a “neutral” rating in a report on Tuesday, February 2nd. Finally, Zacks Investment Research cut shares of New Gold from a “buy” rating to a “hold” rating in a report on Tuesday, February 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $1.86.
New Gold (NYSEAMERICAN:NGD) last issued its quarterly earnings data on Thursday, February 18th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.02. The business had revenue of $198.90 million during the quarter. New Gold had a negative return on equity of 4.10% and a negative net margin of 9.92%.
Several large investors have recently made changes to their positions in the company. Van ECK Associates Corp raised its stake in shares of New Gold by 13.0% in the third quarter. Van ECK Associates Corp now owns 71,276,983 shares of the basic materials company’s stock valued at $121,171,000 after purchasing an additional 8,208,839 shares in the last quarter. U S Global Investors Inc. acquired a new position in shares of New Gold in the 4th quarter valued at $3,355,000. Canada Pension Plan Investment Board bought a new position in shares of New Gold during the 4th quarter worth about $3,147,000. ETF Managers Group LLC boosted its position in shares of New Gold by 26.1% during the 4th quarter. ETF Managers Group LLC now owns 4,590,393 shares of the basic materials company’s stock valued at $10,393,000 after acquiring an additional 949,057 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in New Gold in the fourth quarter valued at about $2,054,000. 35.17% of the stock is currently owned by institutional investors.
New Gold Company Profile
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River gold-silver mine located in Ontario, Canada; and New Afton gold-copper mine located in British Columbia, Canada.
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