New Gold (NYSE:NGD) Shares Up 8.1% – Here’s Why

New Gold Inc. (NYSE:NGD)’s share price shot up 8.1% during mid-day trading on Tuesday . The stock traded as high as $2.95 and last traded at $2.94. 4,366,478 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 8,219,719 shares. The stock had previously closed at $2.72.

Analysts Set New Price Targets

Several research firms have issued reports on NGD. Scotiabank boosted their price objective on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research report on Tuesday, September 17th. Royal Bank of Canada boosted their price objective on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Finally, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $3.41.

New Gold Stock Performance

The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The firm has a market cap of $2.29 billion, a P/E ratio of 145.00 and a beta of 1.32. The firm’s fifty day moving average price is $2.80 and its 200 day moving average price is $2.48.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The business had revenue of $252.00 million during the quarter. Sell-side analysts expect that New Gold Inc. will post 0.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NGD. Mackenzie Financial Corp raised its stake in shares of 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 raised its stake in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after acquiring an additional 3,541,882 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after acquiring an additional 2,664,153 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of New Gold by 13.5% during 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 in the last quarter. Finally, ArrowMark Colorado Holdings LLC bought a new position in shares of New Gold during the 3rd quarter worth approximately $4,787,000. 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.