Brokerages Set New Gold Inc. (NYSE:NGD) PT at $3.41

New Gold Inc. (NYSE:NGD) has received a consensus rating of “Buy” from the six brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $3.41.

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

New Gold Stock Performance

Shares of NGD opened at $2.82 on Wednesday. The company has a market capitalization of $2.23 billion, a PE ratio of 141.00 and a beta of 1.32. New Gold has a one year low of $1.09 and a one year high of $3.25. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The company’s fifty day moving average price is $2.79 and its 200 day moving average price is $2.49.

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

Hedge Funds Weigh In On New Gold

A number of institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp raised its stake in shares of New Gold by 5.0% in the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after acquiring an additional 3,541,882 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of New Gold by 13.5% during the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after buying an additional 2,399,200 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of New Gold by 57.3% during the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after buying an additional 5,948,394 shares during the last quarter. Herr Investment Group LLC raised its stake in shares of New Gold by 40.4% during the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock worth $10,160,000 after buying an additional 1,499,745 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake in shares of New Gold by 18.7% during the third quarter. Two Sigma Advisers LP now owns 4,322,930 shares of the company’s stock worth $12,450,000 after buying an additional 681,822 shares during the last quarter. 42.82% of the stock is owned by 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.