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

New Gold Inc. (NYSE:NGD) has earned a consensus rating of “Buy” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $3.08.

A number of equities analysts have issued reports on NGD shares. Royal Bank of Canada increased 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 target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Finally, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th.

New Gold Price Performance

NGD opened at $2.74 on Friday. The company has a fifty day moving average price of $2.83. New Gold has a 1 year low of $1.09 and a 1 year high of $3.25. The firm has a market cap of $2.16 billion, a PE ratio of 136.75 and a beta of 1.31. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42.

New Gold (NYSE:NGD) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The business had revenue of $252.00 million during the quarter. Equities analysts expect that New Gold will post 0.17 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of New Gold in the first quarter valued at about $1,074,000. CANADA LIFE ASSURANCE Co raised its holdings in New Gold by 198.7% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 247,527 shares of the company’s stock valued at $416,000 after acquiring an additional 164,664 shares during the last quarter. Herr Investment Group LLC lifted its stake in New Gold by 25.3% in the 1st quarter. Herr Investment Group LLC now owns 3,710,618 shares of the company’s stock worth $6,308,000 after purchasing an additional 750,000 shares in the last quarter. Coppell Advisory Solutions Corp. acquired a new position in shares of New Gold during the 1st quarter worth approximately $30,000. Finally, Virtu Financial LLC boosted its holdings in shares of New Gold by 27.9% during the 1st quarter. Virtu Financial LLC now owns 180,386 shares of the company’s stock worth $307,000 after purchasing an additional 39,340 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.