New Gold Inc. (NYSE:NGD) Receives Average Recommendation of “Buy” from Brokerages

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

Separately, StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its holdings in New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after acquiring an additional 9,418 shares in the last quarter. Eastern Bank bought a new stake in New Gold during the 3rd quarter valued at about $33,000. DGS Capital Management LLC purchased a new position in New Gold in the fourth quarter worth about $30,000. Scientech Research LLC bought a new position in shares of New Gold in the second quarter worth approximately $28,000. Finally, NorthCrest Asset Manangement LLC bought a new position in shares of New Gold in the third quarter worth approximately $58,000. Institutional investors own 42.82% of the company’s stock.

New Gold Trading Down 3.3 %

NYSE:NGD opened at $2.82 on Thursday. The company has a 50-day moving average price of $2.71 and a 200-day moving average price of $2.65. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of 140.75 and a beta of 1.34. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. New Gold has a 12 month low of $1.09 and a 12 month high of $3.25.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating 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 for the quarter. Equities analysts predict 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.