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

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

A number of other equities analysts also recently issued reports on the company. Scotiabank increased their price target on New Gold from $2.75 to $3.25 and gave the stock a sector outperform rating in a research report on Tuesday, September 17th. CIBC increased their target price on New Gold from $3.00 to $3.40 and gave the company an outperformer rating in a research report on Wednesday, July 10th. Cibc World Mkts raised shares of New Gold to a strong-buy rating in a report on Wednesday, July 10th. Finally, Royal Bank of Canada increased their price objective on shares of New Gold from $3.00 to $3.50 and gave the company an outperform rating in a report on Tuesday, September 10th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Buy and a consensus target price of $2.74.

New Gold Price Performance

NYSE:NGD opened at $2.86 on Tuesday. 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 company’s 50 day moving average price is $2.58. New Gold has a 1-year low of $0.92 and a 1-year high of $3.25. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -28.55 and a beta of 1.30.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, beating 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 company had revenue of $218.20 million during the quarter. On average, sell-side analysts anticipate that New Gold will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NGD. CIBC Asset Management Inc acquired a new stake in shares of New Gold in the fourth quarter valued at about $893,000. Quadrature Capital Ltd lifted its stake in New Gold by 205.3% in the 4th quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the company’s stock worth $2,374,000 after purchasing an additional 1,099,933 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in New Gold in the 1st quarter worth approximately $1,074,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of New Gold during the 2nd quarter worth approximately $458,000. Finally, Pekin Hardy Strauss Inc. purchased a new stake in shares of New Gold in the second quarter valued at approximately $356,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

About New Gold

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.