New Gold Inc. (NYSE:NGD) Receives $3.41 Consensus Target Price from Brokerages

Shares of New Gold Inc. (NYSE:NGD) have received a consensus recommendation of “Buy” from the six ratings firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $3.41.

Separately, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th.

New Gold Price Performance

NYSE NGD opened at $2.82 on Thursday. New Gold has a one year low of $1.09 and a one year high of $3.25. The stock has a 50-day moving average of $2.71 and a 200 day moving average of $2.65. 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 company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 140.75 and a beta of 1.34.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. On average, sell-side analysts forecast that New Gold will post 0.18 EPS for the current year.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JGP Global Gestao de Recursos Ltda. grew its position in shares of New Gold by 27.8% during the 4th quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company’s stock valued at $16,120,000 after acquiring an additional 1,412,003 shares during the period. Caprock Group LLC grew its holdings in New Gold by 118.2% during the fourth quarter. Caprock Group LLC now owns 1,745,627 shares of the company’s stock valued at $4,329,000 after purchasing an additional 945,453 shares during the period. DGS Capital Management LLC purchased a new stake in New Gold in the fourth quarter worth about $30,000. Lord Abbett & CO. LLC bought a new position in shares of New Gold in the third quarter worth about $4,435,000. Finally, Virtu Financial LLC purchased a new position in shares of New Gold during the 3rd quarter valued at about $941,000. 42.82% of the stock is owned by hedge funds and other 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.