New Gold (NYSEAMERICAN:NGD) Given New C$3.25 Price Target at BMO Capital Markets

New Gold (NYSEAMERICAN:NGD) had its price objective cut by BMO Capital Markets from C$3.50 to C$3.25 in a research note issued to investors on Tuesday morning, The Fly reports. They currently have an outperform rating on the basic materials company’s stock.

NGD has been the subject of a number of other research reports. TheStreet upgraded New Gold from a d+ rating to a c rating in a report on Monday, May 24th. Royal Bank of Canada upgraded New Gold from an underperform rating to a sector perform rating and decreased their price target for the stock from $1.75 to $1.50 in a report on Wednesday, September 8th. Raymond James cut their target price on New Gold from $2.50 to $2.00 and set a market perform rating on the stock in a research report on Tuesday, August 17th. Zacks Investment Research lowered New Gold from a hold rating to a sell rating in a research report on Thursday, September 9th. Finally, National Bank Financial lowered New Gold from an outperform rating to a sector perform rating in a research report on Wednesday, August 11th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $2.13.

Shares of NYSEAMERICAN:NGD opened at $1.20 on Tuesday. The company has a quick ratio of 1.70, a current ratio of 2.24 and a debt-to-equity ratio of 0.62. New Gold has a 1 year low of $1.01 and a 1 year high of $2.40. The stock has a market cap of $817.01 million, a PE ratio of -120.00, a P/E/G ratio of 1.18 and a beta of 1.91. The business’s 50-day moving average price is $2.17.

New Gold (NYSEAMERICAN:NGD) last issued its earnings results on Wednesday, August 11th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.04. New Gold had a positive return on equity of 8.10% and a negative net margin of 0.82%. The business had revenue of $198.20 million during the quarter. Research analysts expect that New Gold will post 0.21 EPS for the current year.

Several hedge funds have recently bought and sold shares of the stock. Linscomb & Williams Inc. increased its position in New Gold by 57.0% in the first quarter. Linscomb & Williams Inc. now owns 22,200 shares of the basic materials company’s stock worth $34,000 after buying an additional 8,060 shares during the period. NorthRock Partners LLC increased its position in New Gold by 90.4% in the first quarter. NorthRock Partners LLC now owns 25,042 shares of the basic materials company’s stock worth $39,000 after buying an additional 11,889 shares during the period. Highlander Capital Management LLC increased its position in New Gold by 562.5% in the second quarter. Highlander Capital Management LLC now owns 37,100 shares of the basic materials company’s stock worth $67,000 after buying an additional 31,500 shares during the period. HighTower Advisors LLC acquired a new stake in New Gold in the second quarter worth $67,000. Finally, Fore Capital LLC acquired a new stake in New Gold in the first quarter worth $77,000. 31.79% of the stock is currently owned by institutional investors and hedge funds.

New Gold Company Profile

New Gold Inc is a gold mining company, which is engaged in the operation, development and exploration of mineral properties. Its portfolio includes Rainy RIver, New Afton, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.

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