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

Shares of New Gold Inc. (NYSE:NGD) have received an average rating of “Buy” from the seven research firms that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $2.74.

Several equities analysts recently commented on the company. CIBC increased their target price on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Scotiabank raised their target price on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday. Royal Bank of Canada upped their price target on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. StockNews.com cut shares of New Gold from a “buy” rating to a “hold” rating in a report on Friday, September 13th. Finally, BMO Capital Markets began coverage on shares of New Gold in a research report on Friday, May 31st. They set an “outperform” rating and a $3.50 price objective for the company.

New Gold Stock Performance

Shares of New Gold stock opened at $3.07 on Friday. The stock’s 50-day moving average is $2.44. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. New Gold has a one year low of $0.86 and a one year high of $3.20. The firm has a market capitalization of $2.42 billion, a P/E ratio of -30.65 and a beta of 1.29.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The company had revenue of $218.20 million during the quarter. On average, sell-side analysts predict that New Gold will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of New Gold

Several institutional investors and hedge funds have recently bought and sold shares of NGD. Cubist Systematic Strategies LLC increased its stake in New Gold by 7.2% in the second quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock valued at $354,000 after purchasing an additional 11,995 shares during the period. Impala Asset Management LLC increased its position in New Gold by 9.2% in the 2nd quarter. Impala Asset Management LLC now owns 1,092,000 shares of the company’s stock valued at $2,129,000 after acquiring an additional 92,000 shares during the period. Scientech Research LLC purchased a new stake in New Gold during the 2nd quarter valued at approximately $28,000. Mackenzie Financial Corp lifted its position in New Gold by 57.3% during the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after acquiring an additional 5,948,394 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of New Gold by 17.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 656,656 shares of the company’s stock valued at $1,294,000 after purchasing an additional 96,617 shares during the last quarter. Hedge funds and other institutional investors 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.