Scotiabank Boosts New Gold (NYSE:NGD) Price Target to $2.75

New Gold (NYSE:NGD) had its price target boosted by Scotiabank from $2.50 to $2.75 in a research report sent to investors on Monday, Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other research analysts 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 upped their price objective on shares of New Gold from $3.00 to $3.40 and gave the stock an outperformer rating in a report on Wednesday, July 10th. Cibc World Mkts upgraded shares of New Gold to a strong-buy rating in a report on Wednesday, July 10th. BMO Capital Markets started coverage on shares of New Gold in a report on Friday, May 31st. They set an outperform rating and a $3.50 price objective 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. Three research analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $2.49.

New Gold Stock Up 1.1 %

New Gold stock opened at $2.69 on Monday. The company has a quick ratio of 0.89, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. New Gold has a 12-month low of $0.86 and a 12-month high of $2.73. The company’s fifty day moving average is $2.18. The firm has a market cap of $2.13 billion, a P/E ratio of -26.90 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 (EPS) 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 company had revenue of $218.20 million for the quarter. Sell-side analysts expect that New Gold will post 0.14 EPS for the current fiscal year.

Institutional Trading of New Gold

Several institutional investors have recently made changes to their positions in NGD. Hillsdale Investment Management Inc. grew its stake in shares of New Gold by 222.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock worth $23,508,000 after acquiring an additional 11,186,898 shares in the last quarter. Mackenzie Financial Corp grew its position in New Gold by 57.3% during the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after buying an additional 5,948,394 shares during the period. Van ECK Associates Corp grew its position in New Gold by 8.4% during the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after buying an additional 5,613,145 shares during the period. Renaissance Technologies LLC grew its position in New Gold by 13.5% during the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after buying an additional 2,399,200 shares during the period. Finally, Invenomic Capital Management LP grew its position in New Gold by 19.6% during the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after buying an additional 1,654,396 shares during the period. Institutional investors 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.