StockNews.com Upgrades New Gold (NYSE:NGD) to “Buy”

New Gold (NYSE:NGD) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

Other equities research analysts also recently issued reports about the stock. CIBC lifted their price target on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Royal Bank of Canada lifted their price objective on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, Scotiabank lifted their price objective on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, New Gold currently has a consensus rating of “Buy” and a consensus price target of $2.74.

New Gold Trading Down 1.2 %

NGD stock opened at $2.93 on Tuesday. The firm’s 50 day moving average is $2.56. New Gold has a 12-month low of $0.89 and a 12-month high of $3.25. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. The firm has a market cap of $2.31 billion, a P/E ratio of -29.25 and a beta of 1.29.

New Gold (NYSE:NGD) last posted its quarterly 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 during the quarter. Sell-side analysts forecast that New Gold will post 0.15 earnings per share for the current fiscal year.

Institutional Trading of New Gold

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Morton Capital Management LLC CA grew its stake 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 worth $52,000 after acquiring an additional 5,000 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in New Gold by 15.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock worth $93,000 after acquiring an additional 6,252 shares during the period. Cubist Systematic Strategies LLC grew its stake in New Gold by 7.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock worth $354,000 after acquiring an additional 11,995 shares during the period. Scientech Research LLC purchased a new stake in New Gold in the 2nd quarter worth approximately $28,000. Finally, Coppell Advisory Solutions Corp. purchased a new stake in New Gold in the 1st quarter worth approximately $30,000. 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.