New Gold Inc. (NYSE:NGD) Receives Consensus Recommendation of “Buy” from Brokerages

New Gold Inc. (NYSE:NGD) has received an average recommendation of “Buy” from the six analysts that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, three have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $3.41.

Several analysts have recently issued reports on the company. Scotiabank upped their price objective on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Royal Bank of Canada upped their price target 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. Finally, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Scientech Research LLC purchased a new position in shares of New Gold during the 2nd quarter worth about $28,000. Allworth Financial LP lifted its stake in New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after purchasing an additional 9,418 shares during the last quarter. Eastern Bank purchased a new position in shares of New Gold during the third quarter valued at approximately $33,000. Rathbones Group PLC bought a new position in shares of New Gold during the second quarter valued at approximately $36,000. Finally, NorthCrest Asset Manangement LLC bought a new position in shares of New Gold during the third quarter valued at approximately $58,000. Institutional investors own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of NYSE NGD opened at $2.49 on Friday. The company has a market cap of $1.97 billion, a P/E ratio of 124.50 and a beta of 1.32. New Gold has a 52-week low of $1.09 and a 52-week high of $3.25. 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 firm’s fifty day moving average is $2.74 and its two-hundred day moving average is $2.55.

New Gold (NYSE:NGD) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The firm had revenue of $252.00 million during the quarter. As a group, analysts anticipate that New Gold will post 0.18 EPS for the current fiscal year.

About New Gold

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.