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

New Gold (NYSE:NGD) had its target price hoisted by stock analysts at Royal Bank of Canada from $3.00 to $3.50 in a report released on Tuesday, BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 45.23% from the stock’s current price.

NGD has been the subject of several other reports. CIBC raised their target price on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. National Bank Financial raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. TD Securities upgraded shares of New Gold from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Finally, BMO Capital Markets began coverage on New Gold in a research report on Friday, May 31st. They set an “outperform” rating and a $3.50 price target on the stock. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, New Gold has an average rating of “Buy” and a consensus price target of $2.66.

New Gold Stock Up 1.7 %

New Gold stock traded up $0.04 during trading hours on Tuesday, hitting $2.41. The stock had a trading volume of 4,486,348 shares, compared to its average volume of 7,597,497. New Gold has a 12-month low of $0.86 and a 12-month high of $2.73. The stock has a 50-day simple moving average of $2.32. The company has a market cap of $1.91 billion, a PE ratio of -24.10 and a beta of 1.29. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98.

New Gold (NYSE:NGD) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share 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, research analysts expect that New Gold will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Scientech Research LLC acquired a new stake in New Gold in the 2nd quarter valued at $28,000. Coppell Advisory Solutions Corp. acquired a new position in shares of New Gold during the 1st quarter worth about $30,000. Rathbones Group PLC purchased a new position in New Gold in the 2nd quarter valued at about $36,000. Moloney Securities Asset Management LLC acquired a new stake in New Gold in the 1st quarter worth about $42,000. Finally, Morton Capital Management LLC CA increased its stake in New Gold by 23.3% during the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after buying an additional 5,000 shares in the last quarter. 42.82% of the stock is owned by institutional investors and hedge funds.

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.