New Gold (NYSE:NGD) Upgraded at StockNews.com

StockNews.com upgraded shares of New Gold (NYSE:NGD) from a hold rating to a buy rating in a report published on Tuesday morning.

Several other research firms have also issued reports on NGD. Scotiabank lifted 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. Cibc World Mkts upgraded shares of New Gold to a strong-buy rating in a research note on Wednesday, July 10th. Royal Bank of Canada increased their target price 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. Finally, CIBC lifted their price target on shares of New Gold from $3.00 to $3.40 and gave the stock an outperformer rating in a report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $2.74.

New Gold Stock Performance

NYSE NGD opened at $2.86 on Tuesday. The company has a market capitalization of $2.26 billion, a P/E ratio of -28.55 and a beta of 1.30. The company’s 50 day simple moving average is $2.58. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. New Gold has a 52-week low of $0.92 and a 52-week high of $3.25.

New Gold (NYSE:NGD) last announced its earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $218.20 million for the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. On average, analysts forecast that New Gold will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

About New Gold

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.