New Gold (NYSEAMERICAN:NGD) Given a $1.25 Price Target by Raymond James Analysts

New Gold (NYSEAMERICAN:NGD) has been given a $1.25 target price by research analysts at Raymond James in a research report issued on Thursday, November 7th, BayStreet.CA reports. The brokerage currently has a “market perform” rating on the basic materials company’s stock. Raymond James’ target price would suggest a potential upside of 48.44% from the company’s current price.

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Several other research firms have also issued reports on NGD. Canaccord Genuity reiterated a “hold” rating on shares of New Gold in a research note on Friday, July 19th. CIBC set a $1.40 price objective on shares of New Gold and gave the stock a “hold” rating in a research report on Tuesday, October 15th. Royal Bank of Canada raised New Gold from an “underperform” rating to a “sector perform” rating and upped their target price for the company from $1.00 to $1.30 in a research report on Thursday, September 5th. Zacks Investment Research upgraded New Gold from a “hold” rating to a “buy” rating and set a $1.00 price target on the stock in a research note on Saturday, October 26th. Finally, BidaskClub lowered shares of New Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 31st. Two equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $1.17.

Shares of NYSEAMERICAN NGD opened at $0.84 on Thursday. The business’s 50 day moving average price is $1.20 and its 200-day moving average price is $0.98. New Gold has a fifty-two week low of $0.61 and a fifty-two week high of $1.56.

New Gold (NYSEAMERICAN:NGD) last issued its earnings results on Wednesday, November 6th. The basic materials company reported ($0.02) earnings per share for the quarter. The business had revenue of $168.40 million during the quarter.

A number of hedge funds have recently modified their holdings of NGD. Millennium Management LLC raised its holdings in shares of New Gold by 154,456.0% during the third quarter. Millennium Management LLC now owns 7,717,798 shares of the basic materials company’s stock valued at $7,794,000 after acquiring an additional 7,722,798 shares during the last quarter. Raffles Associates LP purchased a new position in New Gold in the 3rd quarter valued at $354,000. Stifel Financial Corp grew its holdings in shares of New Gold by 238.3% during the third quarter. Stifel Financial Corp now owns 59,626 shares of the basic materials company’s stock worth $61,000 after buying an additional 42,000 shares in the last quarter. Virtu Financial LLC raised its position in shares of New Gold by 67.8% in 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. Finally, State Street Corp purchased a new position in shares of New Gold in the third quarter worth about $35,000. Institutional investors own 51.53% of the company’s stock.

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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Analyst Recommendations for New Gold (NYSEAMERICAN:NGD)

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