New Gold (NYSE:NGD) Raised to Buy at StockNews.com

StockNews.com upgraded shares of New Gold (NYSE:NGD) from a hold rating to a buy rating in a research report report published on Saturday morning.

Several other equities analysts have also issued reports on the stock. BMO Capital Markets assumed coverage on New Gold in a research report on Friday, May 31st. They issued an outperform rating and a $3.50 price target on the stock. Royal Bank of Canada boosted their target price on New Gold from $3.00 to $3.50 and gave the stock an outperform rating in a report on Tuesday, September 10th. CIBC raised their price target on New Gold from $3.00 to $3.40 and gave the company an outperformer rating in a report on Wednesday, July 10th. Scotiabank upped their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a sector outperform rating in a research note on Tuesday, September 17th. Finally, Cibc World Mkts raised shares of New Gold to a strong-buy rating in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Buy and a consensus price target of $2.74.

New Gold Stock Up 0.2 %

Shares of NGD stock opened at $3.12 on Friday. The business has a fifty day moving average price of $2.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. The stock has a market capitalization of $2.46 billion, a PE ratio of -31.15 and a beta of 1.29. New Gold has a twelve month low of $0.86 and a twelve month high of $3.20.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates 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. Equities research analysts expect that New Gold will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Gold

Several large investors have recently bought and sold shares of NGD. Van ECK Associates Corp lifted its stake in New Gold by 8.4% during the 1st 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 period. Renaissance Technologies LLC lifted its position in New Gold by 13.5% during the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after purchasing an additional 2,399,200 shares during the period. Mackenzie Financial Corp boosted its holdings in New Gold by 57.3% in the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after purchasing an additional 5,948,394 shares during the last quarter. Invenomic Capital Management LP grew its position in New Gold by 19.6% in the 4th 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 during the period. Finally, Herr Investment Group LLC raised its stake in New Gold by 40.4% during the 2nd quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock valued at $10,160,000 after buying an additional 1,499,745 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors.

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.