New Gold (NYSE:NGD) Rating Increased to Buy at StockNews.com

New Gold (NYSE:NGD) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other equities analysts have also issued research reports about the company. CIBC lifted their price target on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 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 research note on Tuesday, September 17th. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. Royal Bank of Canada upped their price objective on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, BMO Capital Markets initiated coverage on shares of New Gold in a research report on Friday, May 31st. They issued an “outperform” rating and a $3.50 target price on the stock. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $2.74.

New Gold Trading Up 2.0 %

New Gold stock opened at $3.11 on Friday. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of -31.10 and a beta of 1.29. New Gold has a 12 month low of $0.86 and a 12 month high of $3.20. The stock has a 50 day moving average of $2.45. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52.

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

Institutional Trading of New Gold

Several large investors have recently bought and sold shares of NGD. TD Asset Management Inc boosted its holdings in shares of New Gold by 33.5% during the 4th quarter. TD Asset Management Inc now owns 4,694,483 shares of the company’s stock worth $6,836,000 after purchasing an additional 1,178,194 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in New Gold in the 4th quarter valued at $893,000. Quadrature Capital Ltd increased its stake in shares of New Gold by 205.3% in the 4th quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the company’s stock worth $2,374,000 after acquiring an additional 1,099,933 shares during the last quarter. Invenomic Capital Management LP raised its holdings in shares of New Gold by 19.6% during the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock worth $14,748,000 after acquiring an additional 1,654,396 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of New Gold during the 4th quarter valued at about $206,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.