New Gold (TSE:NGD) Share Price Crosses Above 50 Day Moving Average of $2.66

Shares of New Gold Inc. (TSE:NGD) (ARCA:NGD) passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$2.66 and traded as high as C$2.73. New Gold shares last traded at C$2.69, with a volume of 684,754 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NGD shares. Canaccord Genuity Group increased their target price on New Gold from C$2.75 to C$3.00 in a research note on Tuesday, April 23rd. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a research note on Monday, June 3rd. TD Securities upgraded New Gold from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 21st. National Bankshares upgraded New Gold from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from C$3.25 to C$3.50 in a research note on Tuesday, May 21st. Finally, BMO Capital Markets raised their price objective on New Gold from C$3.00 to C$3.50 and gave the company an “outperform” rating in a research note on Friday, May 31st. One research analyst has rated the stock with a hold rating, three have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, New Gold currently has an average rating of “Buy” and a consensus target price of C$3.06.

New Gold Trading Up 1.1 %

The company has a market cap of C$1.86 billion, a price-to-earnings ratio of -19.21, a price-to-earnings-growth ratio of -3.02 and a beta of 1.60. The firm has a 50-day moving average price of C$2.66 and a 200 day moving average price of C$2.19. The company has a current ratio of 1.51, a quick ratio of 1.64 and a debt-to-equity ratio of 54.32.

New Gold (TSE:NGD) (ARCA:NGD) last issued its earnings results on Tuesday, April 30th. The company reported C$0.03 EPS for the quarter, topping the consensus estimate of C$0.01 by C$0.02. New Gold had a negative return on equity of 9.44% and a negative net margin of 9.81%. The company had revenue of C$258.98 million during the quarter. As a group, sell-side analysts forecast that New Gold Inc. will post 0.2190332 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.