New Gold (NYSE:NGD) Upgraded 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 note issued to investors on Saturday morning.

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

New Gold Trading Up 2.2 %

NYSE:NGD opened at $3.19 on Friday. New Gold has a 12 month low of $0.86 and a 12 month high of $3.23. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. The business has a 50 day moving average of $2.48. The company has a market cap of $2.52 billion, a PE ratio of -31.90 and a beta of 1.29.

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

Institutional Trading of New Gold

Hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its stake in shares of New Gold by 8.4% during the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after purchasing an additional 5,613,145 shares during the period. Renaissance Technologies LLC grew its holdings in New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after acquiring an additional 2,399,200 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of New Gold by 57.3% in the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after acquiring an additional 5,948,394 shares during the period. Invenomic Capital Management LP raised its stake 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 valued at $14,748,000 after acquiring an additional 1,654,396 shares during the last quarter. Finally, Herr Investment Group LLC grew its stake in shares of New Gold by 40.4% in the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock worth $10,160,000 after purchasing an additional 1,499,745 shares during the last quarter. 42.82% of the stock is 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.