New Gold (NYSE:NGD) Price Target Raised to $3.50 at Royal Bank of Canada

New Gold (NYSE:NGD) had its price objective upped by Royal Bank of Canada from $3.00 to $3.50 in a research note published on Tuesday, BayStreet.CA reports. They currently have an outperform rating on the stock.

Other research analysts have also recently issued reports about the stock. StockNews.com raised shares of New Gold from a hold rating to a buy rating in a report on Sunday, September 1st. Cibc World Mkts raised shares of New Gold to a strong-buy rating in a report on Wednesday, July 10th. BMO Capital Markets initiated coverage on shares of New Gold in a report on Friday, May 31st. They issued an outperform rating and a $3.50 target price for the company. National Bank Financial raised shares of New Gold from a hold rating to a strong-buy rating in a report on Friday, May 17th. Finally, CIBC lifted their target price 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. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $2.66.

New Gold Price Performance

NYSE:NGD opened at $3.10 on Tuesday. New Gold has a one year low of $0.86 and a one year high of $3.12. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. The business’s 50-day simple moving average is $2.36. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -31.00 and a beta of 1.29.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The business 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%. On average, equities research analysts expect that New Gold will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NGD. Scientech Research LLC purchased a new position in shares of New Gold during the second quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. bought a new stake in New Gold during the first quarter valued at approximately $30,000. Rathbones Group PLC bought a new stake in New Gold during the second quarter valued at approximately $36,000. Moloney Securities Asset Management LLC bought a new stake in New Gold during the first quarter valued at approximately $42,000. Finally, Morton Capital Management LLC CA grew its position in New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after buying an additional 5,000 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.