StockNews.com Downgrades New Gold (NYSE:NGD) to Hold

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

Several other brokerages have also recently issued reports on NGD. National Bank Financial upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Cibc World Mkts raised New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. Scotiabank raised New Gold from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the stock from $2.00 to $2.25 in a research note on Tuesday, May 21st. BMO Capital Markets started coverage on New Gold in a report on Friday, May 31st. They issued an “outperform” rating and a $3.50 target price on the stock. Finally, TD Securities upgraded shares of New Gold from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $2.18.

New Gold Stock Performance

Shares of New Gold stock traded up $0.01 during midday trading on Thursday, hitting $2.41. 5,963,673 shares of the company traded hands, compared to its average volume of 7,607,917. The business has a fifty day simple moving average of $2.12. The stock has a market capitalization of $1.90 billion, a PE ratio of -24.05 and a beta of 1.32. New Gold has a 12 month low of $0.86 and a 12 month 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.

New Gold (NYSE:NGD) last issued its 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. 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. Equities research analysts forecast that New Gold will post 0.14 earnings per share for the current year.

Institutional Trading of New Gold

Hedge funds have recently modified their holdings of the stock. Scientech Research LLC acquired a new position in New Gold during the 2nd quarter worth approximately $28,000. Coppell Advisory Solutions Corp. acquired a new position in shares of New Gold during the first quarter worth approximately $30,000. Rathbones Group PLC acquired a new position in shares of New Gold during the second quarter worth approximately $36,000. Moloney Securities Asset Management LLC bought a new position in shares of New Gold in the 1st quarter worth $42,000. Finally, Morton Capital Management LLC CA grew its position in New Gold by 23.3% in the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after purchasing an additional 5,000 shares during the period. 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.