New Gold Sees Unusually Large Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) saw unusually large options trading on Wednesday. Stock investors bought 15,711 call options on the company. This is an increase of approximately 390% compared to the average daily volume of 3,205 call options.

Analyst Ratings Changes

A number of analysts have commented on the company. Cibc World Mkts raised New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Royal Bank of Canada lifted their price target on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Scotiabank boosted their price objective on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a report on Thursday, October 17th. Finally, CIBC boosted their price objective on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $2.74.

Hedge Funds Weigh In On New Gold

Several institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp increased its stake in shares of New Gold by 8.4% in the 1st quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after purchasing an additional 5,613,145 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of New Gold by 13.5% during the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after acquiring an additional 2,399,200 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of New Gold by 57.3% during the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after acquiring an additional 5,948,394 shares during the last quarter. Herr Investment Group LLC raised its holdings in shares of New Gold by 40.4% during the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock valued at $10,160,000 after acquiring an additional 1,499,745 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in shares of New Gold by 9.8% during the second quarter. TD Asset Management Inc now owns 4,129,508 shares of the company’s stock valued at $8,148,000 after acquiring an additional 369,354 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Stock Down 2.8 %

Shares of New Gold stock opened at $2.93 on Thursday. 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 twelve month low of $1.03 and a twelve month high of $3.25. The company has a 50-day simple moving average of $2.78. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -29.25 and a beta of 1.30.

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