New Gold (TSE:NGD) Shares Pass Above 50 Day Moving Average of $2.71

Shares of New Gold Inc. (TSE:NGD) (ARCA:NGD) passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of C$2.71 and traded as high as C$2.98. New Gold shares last traded at C$2.94, with a volume of 1,545,550 shares traded.

Wall Street Analysts Forecast Growth

NGD has been the subject of a number of research analyst reports. Scotiabank raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 21st. National Bankshares upgraded New Gold from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from C$3.25 to C$3.50 in a research report on Tuesday, May 21st. BMO Capital Markets raised their target price on New Gold from C$3.00 to C$3.50 and gave the stock an “outperform” rating in a research report on Friday, May 31st. National Bank Financial upgraded New Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. Finally, Canaccord Genuity Group increased their price objective on shares of New Gold from C$2.75 to C$3.00 in a research note on Tuesday, April 23rd. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of C$3.06.

New Gold Stock Performance

The business has a 50-day simple moving average of C$2.71 and a 200 day simple moving average of C$2.23. The company has a debt-to-equity ratio of 54.32, a current ratio of 1.51 and a quick ratio of 1.64. The firm has a market cap of C$2.03 billion, a PE ratio of -21.00, a PEG ratio of -3.02 and a beta of 1.60.

New Gold (TSE:NGD) (ARCA:NGD) last released its earnings results on Tuesday, April 30th. The company reported C$0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.01 by C$0.02. New Gold had a negative net margin of 9.81% and a negative return on equity of 9.44%. The company had revenue of C$258.98 million during the quarter. Equities research analysts forecast that New Gold Inc. will post 0.2190332 EPS for the current year.

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.