New Gold (NYSE:NGD) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of New Gold (NYSE:NGD) from a hold rating to a buy rating in a research report sent to investors on Saturday.

Other research analysts have also recently issued reports about the company. Cibc World Mkts raised New Gold to a strong-buy rating in a research report on Wednesday, July 10th. Royal Bank of Canada lifted their target price 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. Scotiabank increased their price target 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. CIBC raised their price target on New Gold from $3.00 to $3.40 and gave the company an outperformer rating in a report on Wednesday, July 10th. Finally, BMO Capital Markets started coverage on New Gold in a research note on Friday, May 31st. They issued an outperform rating and a $3.50 price objective for the company. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Buy and a consensus price target of $2.74.

New Gold Trading Up 0.2 %

NGD opened at $3.12 on Friday. The stock has a 50 day simple moving average of $2.47. The company has a market capitalization of $2.46 billion, a P/E ratio of -31.15 and a beta of 1.29. New Gold has a 1-year low of $0.86 and a 1-year high of $3.20. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52.

New Gold (NYSE:NGD) last announced its earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $218.20 million for the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. Equities analysts forecast that New Gold will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Gold

Several large investors have recently made changes to their positions in NGD. TD Asset Management Inc grew its holdings in New Gold by 33.5% during the 4th quarter. TD Asset Management Inc now owns 4,694,483 shares of the company’s stock valued at $6,836,000 after buying an additional 1,178,194 shares in the last quarter. CIBC Asset Management Inc purchased a new position in shares of New Gold in the fourth quarter valued at $893,000. Quadrature Capital Ltd increased its position in New Gold by 205.3% in the fourth quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the company’s stock worth $2,374,000 after purchasing an additional 1,099,933 shares during the last quarter. Invenomic Capital Management LP raised its stake in New Gold by 19.6% during the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after purchasing an additional 1,654,396 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in New Gold during the fourth quarter valued at $206,000. 42.82% of the stock is owned by 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.