New Gold Target of Unusually Large Options Trading (NYSE:NGD)

New Gold Inc. (NYSE:NGD) was the target of unusually large options trading on Thursday. Stock investors bought 36,311 call options on the stock. This represents an increase of approximately 743% compared to the average daily volume of 4,306 call options.

Analyst Ratings Changes

NGD has been the subject of several recent analyst reports. 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 note on Tuesday, September 10th. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Scotiabank increased their price objective on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $3.41.

Institutional Investors Weigh In On New Gold

Several hedge funds have recently added to or reduced their stakes in NGD. Lord Abbett & CO. LLC bought a new stake in shares of New Gold in the 3rd quarter worth approximately $4,435,000. Virtu Financial LLC purchased a new position in New Gold in the 3rd quarter worth $941,000. Toronto Dominion Bank lifted its stake in New Gold by 92.6% in the third quarter. Toronto Dominion Bank now owns 110,318 shares of the company’s stock worth $318,000 after purchasing an additional 53,051 shares during the last quarter. Geode Capital Management LLC lifted its stake in New Gold by 2.0% in the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after purchasing an additional 7,394 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in New Gold during the third quarter valued at about $704,000. Institutional investors own 42.82% of the company’s stock.

New Gold Trading Up 1.2 %

Shares of New Gold stock opened at $2.51 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. New Gold has a 1 year low of $1.09 and a 1 year high of $3.25. The firm has a market cap of $1.99 billion, a PE ratio of 125.50 and a beta of 1.32. The company has a 50 day simple moving average of $2.78 and a two-hundred day simple moving average of $2.53.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 company had revenue of $252.00 million during the quarter. Analysts expect that New Gold will post 0.18 earnings per share for the current fiscal 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.