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 Tuesday.

Several other equities research analysts have also issued reports on NGD. Cibc World Mkts raised New Gold to a strong-buy rating in a research report on Wednesday, July 10th. Royal Bank of Canada upped 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. CIBC lifted their price target on shares of New Gold from $3.00 to $3.40 and gave the stock an outperformer rating in a research note on Wednesday, July 10th. Finally, Scotiabank upped their price objective on shares of New Gold from $2.75 to $3.25 and gave the company a sector outperform rating in a research report on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $2.74.

New Gold Stock Performance

NGD opened at $2.81 on Tuesday. New Gold has a 1 year low of $0.96 and a 1 year high of $3.25. The business has a 50 day moving average of $2.59. The firm has a market capitalization of $2.22 billion, a PE ratio of -28.30 and a beta of 1.30. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $218.20 million for the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. As a group, sell-side analysts expect that New Gold will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Mackenzie Financial Corp boosted its stake in shares of New Gold by 57.3% during the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after acquiring an additional 5,948,394 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of New Gold by 8.4% in the 1st quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after purchasing an additional 5,613,145 shares during the period. Renaissance Technologies LLC increased its stake in New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after purchasing an additional 2,399,200 shares in the last quarter. Invenomic Capital Management LP raised its holdings in 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 buying an additional 1,654,396 shares during the period. Finally, Herr Investment Group LLC lifted its stake in New Gold by 40.4% during the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock valued at $10,160,000 after buying an additional 1,499,745 shares in the last quarter. 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.