New Gold (NYSE:NGD) Reaches New 1-Year High at $3.20

New Gold Inc. (NYSE:NGD)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $3.20 and last traded at $3.16, with a volume of 2992423 shares changing hands. The stock had previously closed at $3.11.

Analyst Ratings Changes

NGD has been the topic of a number of research analyst reports. Scotiabank boosted their price objective on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research report on Tuesday, September 17th. CIBC boosted their price objective on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Saturday. Royal Bank of Canada boosted their price objective 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, BMO Capital Markets initiated 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 on the stock. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, New Gold has an average rating of “Buy” and an average price target of $2.74.

New Gold Trading Up 0.3 %

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of -31.20 and a beta of 1.29. The stock’s 50-day simple moving average is $2.45.

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

Institutional Investors Weigh In On New Gold

Several institutional investors have recently bought and sold shares of NGD. Scientech Research LLC purchased a new stake in New Gold in the second quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. purchased a new stake in New Gold in the first quarter valued at approximately $30,000. Rathbones Group PLC purchased a new stake in New Gold in the second quarter valued at approximately $36,000. Moloney Securities Asset Management LLC purchased a new stake in New Gold in the first quarter valued at approximately $42,000. Finally, Morton Capital Management LLC CA raised 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 purchasing an additional 5,000 shares during the period. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.