New Gold (NYSE:NGD) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

New Gold (NYSE:NGD) released its earnings results on Tuesday. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01, Zacks reports. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The business had revenue of $218.20 million during the quarter.

New Gold Trading Down 0.4 %

Shares of NYSE NGD opened at $2.30 on Friday. The business’s 50 day moving average price is $2.09. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 38.50 and a beta of 1.32. New Gold has a 1-year low of $0.86 and a 1-year high of $2.46. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.89 and a current ratio of 1.50.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a report on Thursday. BMO Capital Markets assumed coverage on New Gold in a research note on Friday, May 31st. They set an “outperform” rating and a $3.50 price objective on the stock. CIBC raised their target price on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Scotiabank raised shares of New Gold from a “sector perform” rating to a “sector outperform” rating and upped their price target for the stock from $2.00 to $2.25 in a research report on Tuesday, May 21st. Finally, TD Securities raised shares of New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. Three analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, New Gold currently has an average rating of “Moderate Buy” and a consensus price target of $2.18.

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.