New Gold Inc. (NYSE:NGD) Given Average Recommendation of “Buy” by Analysts

Shares of New Gold Inc. (NYSE:NGD) have earned a consensus rating of “Buy” from the six analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $3.41.

A number of research firms recently issued reports on NGD. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada upped their price objective on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, Scotiabank raised their target price on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research note on Tuesday, September 17th.

Institutional Investors Weigh In On New Gold

Institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP increased its holdings in New Gold by 941.8% during the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after purchasing an additional 9,418 shares in the last quarter. Eastern Bank purchased a new position in shares of New Gold during the third quarter valued at approximately $33,000. Scientech Research LLC bought a new stake in New Gold during the second quarter worth $28,000. Rathbones Group PLC bought a new stake in New Gold during the second quarter worth $36,000. Finally, NorthCrest Asset Manangement LLC purchased a new stake in New Gold in the 3rd quarter valued at $58,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of New Gold stock opened at $2.59 on Friday. The company has a market cap of $2.05 billion, a P/E ratio of 129.50 and a beta of 1.32. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $2.70 and a two-hundred day moving average price of $2.57. New Gold has a 1-year low of $1.09 and a 1-year high of $3.25.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The business had revenue of $252.00 million during the quarter. As a group, analysts anticipate that New Gold will post 0.18 EPS for the current year.

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.