New Gold Inc. (TSE:NGD) Given Consensus Rating of “Buy” by Brokerages

Shares of New Gold Inc. (TSE:NGD) (ARCA:NGD) have received a consensus recommendation of “Buy” from the eight research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, four have given a buy rating and three have issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is C$3.71.

NGD has been the topic of several research reports. TD Securities upgraded shares of New Gold from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Scotiabank raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 21st. National Bankshares boosted their price target on New Gold from C$4.00 to C$4.25 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Canaccord Genuity Group raised their price objective on New Gold from C$4.00 to C$4.50 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Finally, BMO Capital Markets lifted their price objective on New Gold from C$4.25 to C$4.50 in a report on Wednesday, July 31st.

New Gold Stock Up 7.4 %

Shares of NGD opened at C$4.19 on Wednesday. The firm has a market cap of C$3.31 billion, a P/E ratio of -104.75, a price-to-earnings-growth ratio of -3.02 and a beta of 1.57. The company has a debt-to-equity ratio of 52.45, a quick ratio of 1.64 and a current ratio of 1.50. New Gold has a 52 week low of C$1.17 and a 52 week high of C$4.24. The firm’s 50-day simple moving average is C$3.25 and its 200 day simple moving average is C$2.77.

New Gold (TSE:NGD) (ARCA:NGD) last posted its earnings results on Tuesday, July 30th. The company reported C$0.03 EPS for the quarter, beating the consensus estimate of C$0.02 by C$0.01. The company had revenue of C$298.55 million for the quarter. New Gold had a negative return on equity of 2.23% and a negative net margin of 2.53%. On average, analysts forecast that New Gold will post 0.3722467 earnings per share for the current year.

Insider Transactions at New Gold

In other news, Senior Officer Sean William Keating sold 50,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of C$3.63, for a total value of C$181,500.00. 4.92% of the stock is owned by insiders.

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.