New Gold (NYSE:NGD) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of New Gold (NYSE:NGD) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

Other analysts have also recently issued reports about the company. Scotiabank upped their target price on New Gold from $2.75 to $3.25 and gave the company a sector outperform rating in a report on Tuesday, September 17th. BMO Capital Markets initiated coverage on shares of New Gold in a research report on Friday, May 31st. They set an outperform rating and a $3.50 price objective for the company. CIBC boosted their target price on shares of New Gold from $3.00 to $3.40 and gave the company an outperformer rating in a report on Wednesday, July 10th. Royal Bank of Canada increased their price target on New Gold from $3.00 to $3.50 and gave the stock an outperform rating in a report on Tuesday, September 10th. Finally, Cibc World Mkts raised New Gold to a strong-buy rating in a research note on Wednesday, July 10th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, New Gold currently has a consensus rating of Buy and a consensus price target of $2.74.

New Gold Price Performance

Shares of NYSE:NGD opened at $3.19 on Friday. New Gold has a one year low of $0.86 and a one year high of $3.23. 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 company has a market cap of $2.52 billion, a P/E ratio of -31.90 and a beta of 1.29. The company has a 50 day moving average of $2.48.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $218.20 million for the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. As a group, analysts expect that New Gold will post 0.14 EPS for the current year.

Institutional Trading of New Gold

Several institutional investors have recently made changes to their positions in NGD. Cubist Systematic Strategies LLC lifted its position in shares of New Gold by 7.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock worth $354,000 after buying an additional 11,995 shares in the last quarter. Impala Asset Management LLC lifted its holdings in New Gold by 9.2% during the second quarter. Impala Asset Management LLC now owns 1,092,000 shares of the company’s stock worth $2,129,000 after acquiring an additional 92,000 shares during the period. Scientech Research LLC purchased a new position in New Gold in the second quarter worth $28,000. Mackenzie Financial Corp grew its stake in New Gold by 57.3% in 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 period. Finally, The Manufacturers Life Insurance Company grew its stake in New Gold by 17.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 656,656 shares of the company’s stock valued at $1,294,000 after purchasing an additional 96,617 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.