New Gold Inc. (NYSEAMERICAN:NGD) – Investment analysts at Beacon Securities raised their FY2018 earnings estimates for New Gold in a research report issued on Thursday, Zacks Investment Research reports. Beacon Securities analyst M. Curran now expects that the basic materials company will earn $0.23 per share for the year, up from their prior forecast of $0.17.
A number of other equities research analysts have also recently commented on the company. Royal Bank of Canada decreased their price objective on New Gold from $4.25 to $3.75 and set a “sector perform” rating for the company in a research note on Friday, February 2nd. BidaskClub cut New Gold from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. Finally, Canaccord Genuity raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $3.93.
Shares of New Gold (NYSEAMERICAN NGD) traded down $0.20 during trading on Friday, hitting $2.57. The company had a trading volume of 9,690,000 shares, compared to its average volume of 5,580,000. The company has a current ratio of 2.28, a quick ratio of 1.38 and a debt-to-equity ratio of 0.42. New Gold has a twelve month low of $2.54 and a twelve month high of $4.25. The firm has a market capitalization of $1,400.00, a PE ratio of 25.70, a PEG ratio of 13.01 and a beta of 0.11.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in NGD. Cubist Systematic Strategies LLC bought a new stake in New Gold during the third quarter worth about $202,000. Virtu Financial LLC raised its holdings in New Gold by 397.1% during the third quarter. Virtu Financial LLC now owns 349,676 shares of the basic materials company’s stock worth $295,000 after acquiring an additional 279,337 shares in the last quarter. Candriam Luxembourg S.C.A. bought a new stake in New Gold during the fourth quarter worth about $516,000. Cutler Capital Management LLC raised its holdings in New Gold by 82.9% during the fourth quarter. Cutler Capital Management LLC now owns 160,000 shares of the basic materials company’s stock worth $526,000 after acquiring an additional 72,500 shares in the last quarter. Finally, SeaCrest Wealth Management LLC bought a new stake in New Gold during the fourth quarter worth about $596,000. Institutional investors and hedge funds own 51.53% of the company’s stock.
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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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