Analysts Set New Gold Inc. (NYSE:NGD) PT at $3.08

Shares of New Gold Inc. (NYSE:NGD) have been given a consensus recommendation of “Buy” by the seven ratings firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $3.08.

NGD has been the subject of a number of research analyst reports. Scotiabank raised their target price on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research note on Tuesday, September 17th. Royal Bank of Canada lifted their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th.

New Gold Stock Performance

Shares of NGD stock opened at $2.48 on Friday. New Gold has a fifty-two week low of $1.09 and a fifty-two week high of $3.25. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 123.75 and a beta of 1.31. The business’s 50-day simple moving average is $2.84.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter. As a group, equities analysts forecast that New Gold will post 0.17 earnings per share for the current year.

Institutional Investors Weigh In On New Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp lifted its stake in shares of New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after purchasing an additional 3,541,882 shares during the period. Renaissance Technologies LLC boosted 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. Mackenzie Financial Corp grew its position 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 valued at $32,229,000 after acquiring an additional 5,948,394 shares during the period. Herr Investment Group LLC increased its stake in shares of New Gold by 40.4% in the 2nd quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock valued at $10,160,000 after purchasing an additional 1,499,745 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in New Gold by 9.8% in the 2nd quarter. TD Asset Management Inc now owns 4,129,508 shares of the company’s stock worth $8,148,000 after purchasing an additional 369,354 shares during the period. Institutional investors and hedge funds 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.