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

New Gold Inc. (NYSE:NGD) has been given a consensus recommendation of “Buy” by the six brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $3.41.

NGD has been the topic of several recent analyst reports. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank increased their price target on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada upped their price target on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research note on Tuesday, September 10th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Morton Capital Management LLC CA grew 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 acquiring an additional 5,000 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in New Gold during the 2nd quarter valued at approximately $458,000. U S Global Investors Inc. raised its holdings in New Gold by 3.3% during the 2nd quarter. U S Global Investors Inc. now owns 2,993,831 shares of the company’s stock worth $6,260,000 after purchasing an additional 96,487 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of New Gold in the 2nd quarter worth approximately $365,000. Finally, K.J. Harrison & Partners Inc acquired a new stake in shares of New Gold during the second quarter worth $602,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Price Performance

NYSE:NGD opened at $2.90 on Wednesday. New Gold has a 52-week low of $1.09 and a 52-week high of $3.25. The company has a market cap of $2.29 billion, a P/E ratio of 145.00 and a beta of 1.32. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The stock’s 50-day simple moving average is $2.81 and its 200 day simple moving average is $2.47.

New Gold (NYSE:NGD) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million for the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. As a group, sell-side analysts forecast that New Gold will post 0.18 EPS for the current fiscal 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.