New Gold (NYSE:NGD) Upgraded at StockNews.com

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

Other equities research analysts also recently issued reports about the company. Scotiabank raised New Gold from a sector perform rating to a sector outperform rating and boosted their target price for the stock from $2.00 to $2.25 in a report on Tuesday, May 21st. National Bank Financial raised shares of New Gold from a hold rating to a strong-buy rating in a research report on Friday, May 17th. TD Securities raised shares of New Gold from a sell rating to a hold rating in a report on Tuesday, May 21st. BMO Capital Markets assumed coverage on shares of New Gold in a report on Friday, May 31st. They set an outperform rating and a $3.50 price target on the stock. Finally, CIBC raised their price target on shares of New Gold from $3.00 to $3.40 and gave the company an outperformer rating in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, New Gold presently has a consensus rating of Moderate Buy and an average target price of $2.18.

New Gold Price Performance

Shares of New Gold stock opened at $2.19 on Thursday. New Gold has a 1 year low of $0.86 and a 1 year high of $2.46. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -21.90 and a beta of 1.32. The stock has a 50-day simple moving average of $2.11. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.89 and a current ratio of 1.50.

New Gold (NYSE:NGD) last announced its earnings results 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 business had revenue of $218.20 million during the quarter. On average, equities analysts anticipate that New Gold will post 0.14 EPS for the current year.

Institutional Investors Weigh In On New Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HC Advisors LLC lifted its holdings in shares of New Gold by 13.4% during the 4th quarter. HC Advisors LLC now owns 214,559 shares of the company’s stock valued at $313,000 after buying an additional 25,300 shares during the period. Ingalls & Snyder LLC increased its position in New Gold by 116.6% during the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock valued at $181,000 after acquiring an additional 66,667 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in New Gold by 346.6% in the fourth quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the company’s stock valued at $13,968,000 after acquiring an additional 7,477,711 shares during the period. Independent Family Office LLC purchased a new position in New Gold in the fourth quarter worth about $123,000. Finally, Intact Investment Management Inc. grew its stake in shares of New Gold by 6.4% during the 4th quarter. Intact Investment Management Inc. now owns 2,970,000 shares of the company’s stock valued at $4,304,000 after purchasing an additional 177,800 shares during the period. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.