New Gold (NYSE:NGD) Given New $3.50 Price Target at Royal Bank of Canada

New Gold (NYSE:NGD) had its price target hoisted by equities research analysts at Royal Bank of Canada from $3.00 to $3.50 in a research note issued to investors on Tuesday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 45.23% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a report on Sunday, September 1st. BMO Capital Markets assumed coverage on New Gold in a report on Friday, May 31st. They set an “outperform” rating and a $3.50 price target for the company. National Bank Financial upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. CIBC lifted their price target on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Finally, Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $2.66.

New Gold Price Performance

New Gold stock traded up $0.04 during trading on Tuesday, reaching $2.41. 4,486,348 shares of the company were exchanged, compared to its average volume of 7,597,497. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. The firm’s 50 day moving average price is $2.32. The firm has a market capitalization of $1.91 billion, a P/E ratio of -24.10 and a beta of 1.29. New Gold has a 52-week low of $0.86 and a 52-week high of $2.73.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The firm had revenue of $218.20 million for the quarter. As a group, equities analysts forecast that New Gold will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On New Gold

A number of hedge funds have recently bought and sold shares of NGD. Hillsdale Investment Management Inc. raised its position in shares of New Gold by 222.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock worth $23,508,000 after acquiring an additional 11,186,898 shares in the last quarter. Mackenzie Financial Corp raised its stake in New Gold by 57.3% during the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after acquiring an additional 5,948,394 shares in the last quarter. Van ECK Associates Corp lifted its position in New Gold by 8.4% in the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after acquiring an additional 5,613,145 shares during the last quarter. Renaissance Technologies LLC boosted its stake in New Gold by 13.5% in the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after acquiring an additional 2,399,200 shares in the last quarter. Finally, Invenomic Capital Management LP increased its position in shares of New Gold by 19.6% during the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock worth $14,748,000 after purchasing an additional 1,654,396 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.