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

New Gold Inc. (NYSE:NGD) has earned a consensus rating of “Buy” from the six brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $3.41.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NGD. Mackenzie Financial Corp raised its holdings in 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 period. Van ECK Associates Corp grew its position in shares of New Gold by 5.0% during the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after purchasing an additional 3,541,882 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after purchasing an additional 2,664,153 shares in the last quarter. Renaissance Technologies LLC raised its stake in New Gold by 13.5% during the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after purchasing an additional 2,399,200 shares during the period. Finally, ArrowMark Colorado Holdings LLC purchased a new position in New Gold in the 3rd quarter worth approximately $4,787,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Stock Down 1.2 %

NGD stock opened at $2.49 on Friday. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 124.50 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 business’s 50-day moving average is $2.74 and its two-hundred day moving average is $2.55. New Gold has a fifty-two week low of $1.09 and a fifty-two week high of $3.25.

New Gold (NYSE:NGD) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, analysts forecast that New Gold will post 0.18 earnings per share 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.