Van Eck Associates Corp. recently announced the acquisition of new stake in New Gold Inc (AMEX:NGD). The institutional investor has increased its shareholding in the Basic Materials company by 5.48% to 68.68 million shares with purchase of 3.57 million shares. This fresh investment now brings its stake to 10.03% valued currently at $96.84 million. In addition, AzValor Asset Management SGIIC SA raised its holdings by 1.68 million to 59.33 million shares. And Connor, Clark & Lunn Investment M has lifted its position by 0.01% or 2200.0 shares – to 16.04 million shares.
With over 21.02 million New Gold Inc (NGD) shares trading Friday and a closing price of $1.44 on the day, the dollar volume was approximately $30.27 million. The shares have shown a positive half year performance of 29.73% and its price on 12/15/23 lost nearly -4.64%. Currently, there are 682.28M common shares owned by the public and among those 682.00M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for NGD have a consensus price objective of $1.58. The analysts have set the share’s price value over the next 12 months at a high of $1.95 and a low of $1.05. The average price target is 8.86% above its recent price level and a downside to the estimated low will see the stock lose -37.14% over that period. But an upside of 26.15% will see the stock hit the forecast high price target while median target price for the stock is $1.63.
The top 3 mutual fund holders in New Gold Inc are azValor Internacional, FI, VanEck Gold Miners ETF, and VanEck Junior Gold Miners ETF. azValor Internacional, FI owns 49.22 million shares of the company’s stock, all valued at over $69.4 million. The company bought an additional 1.73 million shares recently to bring their total holdings to about 7.19% of the shares outstanding. VanEck Junior Gold Miners ETF now owns shares totaling to 3.54% of the shares outstanding.
Shares of New Gold Inc (AMEX: NGD) opened at $1.50, down -$0.01 from a prior closing price of $1.51. However, the script later moved the day high at 1.5500, down -4.64%. The company’s stock has a 5-day price change of 4.35% and 37.14% over the past three months. NGD shares are trading 46.94% year to date (YTD), with the 12-month market performance up to 35.85% higher. It has a 12-month low price of $0.82 and touched a high of $1.55 over the same period. NGD has an average intraday trading volume of 3.11 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.73%, 17.02%, and 25.71% respectively.
Institutional ownership of New Gold Inc (AMEX: NGD) shares accounts for 43.29% of the company’s 682.28M shares outstanding. Mutual fund holders own 10.47%, while other institutional holders and individual stakeholders account for 33.06% and — respectively.
It has a market capitalization of $985.68M and a beta (3y monthly) value of 1.67. The earnings-per-share (ttm) stands at -$0.08. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.51% over the week and 6.19% over the month.
Analysts forecast that New Gold Inc (NGD) will achieve an EPS of $0.02 for the current quarter, $0.04 for the next quarter and $0.16 for 2024. The lowest estimate earnings-per-share for the quarter is $0.01 while analysts give the company a high EPS estimate of $0.05. Comparatively, EPS for the current quarter was -$0.01 a year ago. Earnings per share for the fiscal year are expected to increase by 341.11%, and 74.49% over the next financial year. EPS should shrink at an annualized rate of 5.00% over the next five years, compared to 12.51% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate New Gold Inc (NGD) as a “Moderate Buy” at a consensus score of 2.73. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 4 of the 11 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the NGD, a number of firms have released research notes about the stock. Scotiabank stated their Sector Perform rating for the stock in a research note on March 03, 2023, with the firm’s price target at $1.25.
