New Gold (NYSE:NGD) Upgraded to “Sector Outperform” by Scotiabank

New Gold (NYSE:NGD) was upgraded by investment analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm presently has a $2.25 price objective on the stock, up from their previous price objective of $2.00. Scotiabank’s target price indicates a potential upside of 15.38% from the company’s previous close.

A number of other research analysts have also issued reports on the company. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a report on Monday. National Bank Financial reiterated a “sector perform spec overwgt” rating on shares of New Gold in a research report on Monday, April 8th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1.69.

New Gold Price Performance

Shares of New Gold stock opened at $1.95 on Tuesday. The company has a current ratio of 1.51, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -19.50 and a beta of 1.53. New Gold has a 1 year low of $0.86 and a 1 year high of $2.19.

New Gold (NYSE:NGD) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $192.10 million for the quarter. New Gold had a positive return on equity of 5.23% and a negative net margin of 9.81%. On average, sell-side analysts anticipate that New Gold will post 0.11 earnings per share for the current year.

Institutional Investors Weigh In On New Gold

Several institutional investors have recently made changes to their positions in the stock. Coppell Advisory Solutions Corp. purchased a new stake in shares of New Gold during the 1st quarter worth approximately $30,000. Moloney Securities Asset Management LLC acquired a new position in New Gold during the first quarter worth $42,000. Independent Family Office LLC acquired a new position in New Gold during the fourth quarter worth $123,000. Baader Bank Aktiengesellschaft boosted its position in New Gold by 812.7% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock worth $132,000 after purchasing an additional 81,267 shares in the last quarter. Finally, Ingalls & Snyder LLC grew its holdings in New Gold by 116.6% in the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock valued at $181,000 after purchasing an additional 66,667 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other 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.