New Gold (NYSE:NGD) Trading 3.1% Higher

New Gold Inc. (NYSE:NGD) shares shot up 3.1% on Tuesday . The stock traded as high as $3.00 and last traded at $2.97. 1,433,359 shares were traded during mid-day trading, a decline of 82% from the average session volume of 8,007,780 shares. The stock had previously closed at $2.88.

Wall Street Analyst Weigh In

NGD has been the subject of a number of recent research reports. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. CIBC upped their price target 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 New Gold from a “hold” rating to a “buy” rating in a research report on Tuesday. Scotiabank upped their price objective on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. Finally, Royal Bank of Canada increased their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $2.74.

New Gold Stock Up 0.7 %

The company has a fifty day moving average of $2.54. 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 stock has a market cap of $2.29 billion, a PE ratio of -28.80 and a beta of 1.29.

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. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The firm had revenue of $218.20 million during the quarter. Sell-side analysts predict that New Gold Inc. will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On New Gold

A number of hedge funds have recently bought and sold shares of NGD. Mackenzie Financial Corp grew its holdings in shares of New Gold by 57.3% in the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after acquiring an additional 5,948,394 shares during the period. Van ECK Associates Corp boosted its holdings in New Gold by 8.4% in the 1st quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock worth $123,249,000 after buying an additional 5,613,145 shares during the period. Renaissance Technologies LLC increased its stake in New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after buying an additional 2,399,200 shares in the last quarter. Invenomic Capital Management LP grew its position in shares of New Gold by 19.6% during the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock worth $14,748,000 after purchasing an additional 1,654,396 shares in the last quarter. Finally, Herr Investment Group LLC boosted its stake in New Gold by 40.4% in the 2nd quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock worth $10,160,000 after purchasing an additional 1,499,745 shares during the period. Institutional investors own 42.82% of the company’s stock.

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.