New Gold (NYSE:NGD) PT Raised to $3.25 at Scotiabank

New Gold (NYSE:NGD) had its target price boosted by equities research analysts at Scotiabank from $2.75 to $3.25 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 8.70% from the stock’s previous close.

Several other research analysts have also recently weighed in on NGD. StockNews.com cut shares of New Gold from a “buy” rating to a “hold” rating in a research report on Friday. TD Securities raised shares of New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. BMO Capital Markets assumed coverage on shares of New Gold in a report on Friday, May 31st. They set an “outperform” rating and a $3.50 target price for the company. Finally, CIBC boosted their price target on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2.74.

New Gold Stock Down 4.5 %

NGD traded down $0.14 on Tuesday, hitting $2.99. The company’s stock had a trading volume of 7,115,103 shares, compared to its average volume of 7,814,028. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of -29.90 and a beta of 1.29. The stock’s 50 day simple moving average is $2.40. New Gold has a 12 month low of $0.86 and a 12 month high of $3.20. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52.

New Gold (NYSE:NGD) last issued its earnings results on Tuesday, July 30th. The company reported $0.02 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 during 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

Large investors have recently modified their holdings of the stock. Mackenzie Financial Corp grew its position in New Gold by 57.3% during the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after purchasing an additional 5,948,394 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of New Gold by 8.4% during the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after buying an additional 5,613,145 shares during the last quarter. Renaissance Technologies LLC raised its holdings 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 acquiring an additional 2,399,200 shares during the last quarter. Invenomic Capital Management LP boosted its stake in New Gold by 19.6% during the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after purchasing an additional 1,654,396 shares during the last quarter. Finally, Herr Investment Group LLC increased its holdings in shares of 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 in the last quarter. Hedge funds and other 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.