New Gold (NYSE:NGD) Upgraded by StockNews.com to Buy

New Gold (NYSE:NGD) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Several other analysts have also commented on NGD. National Bank Financial raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. TD Securities raised shares of New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. BMO Capital Markets began coverage on shares of New Gold in a research report on Friday, May 31st. They set an “outperform” rating and a $3.50 price target on the stock. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, CIBC boosted their target price on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2.18.

New Gold Stock Down 0.4 %

NGD traded down $0.01 during trading on Thursday, reaching $2.30. The company’s stock had a trading volume of 9,957,778 shares, compared to its average volume of 7,612,216. 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 stock has a fifty day simple moving average of $2.09. New Gold has a 1 year low of $0.86 and a 1 year high of $2.46. The company has a market capitalization of $1.82 billion, a P/E ratio of -23.00 and a beta of 1.32.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share 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 6.04%. The business had revenue of $218.20 million for the quarter. As a group, equities analysts forecast that New Gold will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On New Gold

Several institutional investors have recently modified their holdings of the business. Van ECK Associates Corp grew its stake in shares of New Gold by 8.4% in the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock worth $123,249,000 after acquiring an additional 5,613,145 shares in the last quarter. Hillsdale Investment Management Inc. grew its stake in shares of New Gold by 222.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock worth $23,508,000 after purchasing an additional 11,186,898 shares in the last quarter. Invenomic Capital Management LP grew its stake in shares of New Gold by 19.6% during the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock worth $14,748,000 after purchasing an additional 1,654,396 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of New Gold by 346.6% during the fourth quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the company’s stock worth $13,968,000 after purchasing an additional 7,477,711 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in shares of New Gold by 33.5% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.