New Gold (NYSE:NGD) Cut to Hold at StockNews.com

StockNews.com cut shares of New Gold (NYSE:NGD) from a buy rating to a hold rating in a research note published on Friday morning.

A number of other research analysts have also weighed in on the stock. National Bank Financial raised shares of New Gold from a hold rating to a strong-buy rating in a research note on Friday, May 17th. Scotiabank raised their price target on shares of New Gold from $2.50 to $2.75 and gave the company a sector outperform rating in a research report on Monday, August 19th. Royal Bank of Canada lifted their price target on New Gold from $3.00 to $3.50 and gave the company an outperform rating in a research note on Tuesday, September 10th. CIBC increased their price objective on New Gold from $3.00 to $3.40 and gave the stock an outperformer rating in a research note on Wednesday, July 10th. Finally, Cibc World Mkts raised New Gold to a strong-buy rating in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $2.66.

New Gold Trading Up 1.1 %

NYSE:NGD opened at $3.14 on Friday. New Gold has a 12 month low of $0.86 and a 12 month high of $3.20. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. The firm has a market capitalization of $2.48 billion, a PE ratio of -31.35 and a beta of 1.29. The business has a fifty day moving average of $2.38.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. The business had revenue of $218.20 million for the quarter. Equities analysts predict that New Gold will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On New Gold

Institutional investors have recently modified their holdings of the business. Morton Capital Management LLC CA lifted its holdings in New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after acquiring an additional 5,000 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of New Gold by 15.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock worth $93,000 after buying an additional 6,252 shares during the last quarter. Cubist Systematic Strategies LLC grew its position in New Gold by 7.2% during the second quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock valued at $354,000 after buying an additional 11,995 shares during the period. Scientech Research LLC purchased a new stake in New Gold during the second quarter worth about $28,000. Finally, Coppell Advisory Solutions Corp. bought a new position in New Gold during the first quarter valued at $30,000. 42.82% of the stock is owned by institutional investors.

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.