New Gold (NYSE:NGD) Trading 8.1% Higher – What’s Next?

New Gold Inc. (NYSE:NGD) shares rose 8.1% on Tuesday . The company traded as high as $2.95 and last traded at $2.94. Approximately 4,366,478 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 8,219,719 shares. The stock had previously closed at $2.72.

Wall Street Analyst Weigh In

NGD has been the subject of several research analyst reports. Royal Bank of Canada upped their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Scotiabank upped their target price on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Finally, StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, New Gold has a consensus rating of “Buy” and a consensus price target of $3.41.

New Gold Price Performance

The business has a 50 day moving average price of $2.81 and a 200-day moving average price of $2.47. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 146.00 and a beta of 1.32. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42.

New Gold (NYSE:NGD) last posted its quarterly earnings results 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. The firm had revenue of $252.00 million for the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. Research analysts predict that New Gold Inc. will post 0.18 EPS for the current fiscal year.

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp grew its stake in shares of New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after buying an additional 5,948,394 shares during the period. Van ECK Associates Corp grew its stake in New Gold by 5.0% in the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after acquiring an additional 3,541,882 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after acquiring an additional 2,664,153 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of New Gold by 13.5% during the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after purchasing an additional 2,399,200 shares during the period. Finally, ArrowMark Colorado Holdings LLC bought a new position in shares of New Gold in the 3rd quarter worth $4,787,000. 42.82% of the stock is owned by institutional investors.

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.