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

New Gold Inc. (NYSE:NGD) has received an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $2.18.

A number of research analysts have commented on the company. Scotiabank upgraded New Gold from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the company from $2.00 to $2.25 in a research report on Tuesday, May 21st. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. TD Securities upgraded New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, National Bank Financial upgraded New Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th.

New Gold Price Performance

NYSE NGD opened at $2.11 on Thursday. The company has a market cap of $1.67 billion, a price-to-earnings ratio of -21.10 and a beta of 1.32. New Gold has a one year low of $0.86 and a one year high of $2.46. The stock’s 50 day simple moving average is $2.11. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.89 and a current ratio of 1.50.

New Gold (NYSE:NGD) last released its quarterly 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 business 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%. As a group, equities analysts expect that New Gold will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On New Gold

A number of institutional investors have recently made changes to their positions in NGD. Morton Capital Management LLC CA lifted its holdings in New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after acquiring an additional 5,000 shares in the last quarter. Coppell Advisory Solutions Corp. bought a new stake in shares of New Gold in the first quarter valued at about $30,000. Moloney Securities Asset Management LLC bought a new stake in shares of New Gold in the first quarter valued at about $42,000. HC Advisors LLC lifted its holdings in shares of New Gold by 13.4% in the fourth quarter. HC Advisors LLC now owns 214,559 shares of the company’s stock valued at $313,000 after purchasing an additional 25,300 shares in the last quarter. Finally, Virtu Financial LLC lifted its holdings in shares of New Gold by 27.9% in the first quarter. Virtu Financial LLC now owns 180,386 shares of the company’s stock valued at $307,000 after purchasing an additional 39,340 shares in the last quarter. 42.82% of the stock is owned by institutional investors and hedge funds.

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.