New Gold (NYSE:NGD) Shares Up 5% – Time to Buy?

New Gold Inc. (NYSE:NGD)’s stock price shot up 5% during trading on Wednesday . The stock traded as high as $2.75 and last traded at $2.74. 5,854,813 shares were traded during mid-day trading, a decline of 2% from the average session volume of 5,971,381 shares. The stock had previously closed at $2.61.

Analysts Set New Price Targets

A number of brokerages have commented on NGD. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Scotiabank raised their price target on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. One analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $3.41.

New Gold Stock Performance

The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $2.14 billion, a P/E ratio of 135.50 and a beta of 1.34. The company’s fifty day moving average is $2.68 and its 200 day moving average is $2.59.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP grew its holdings in shares of New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after buying an additional 9,418 shares during the last quarter. Eastern Bank acquired a new position in New Gold in the 3rd quarter valued at $33,000. Scientech Research LLC acquired a new position in shares of New Gold during the 2nd quarter worth approximately $28,000. Rathbones Group PLC acquired a new stake in New Gold during the second quarter worth about $36,000. Finally, NorthCrest Asset Manangement LLC purchased a new stake in New Gold in the third quarter valued at $58,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.