Centiva Capital LP Purchases New Shares in New Gold Inc. (NYSE:NGD)

Centiva Capital LP acquired a new position in New Gold Inc. (NYSE:NGD) in the third quarter, HoldingsChannel.com reports. The fund acquired 206,770 shares of the company’s stock, valued at approximately $595,000.

Several other hedge funds have also modified their holdings of the company. Scientech Research LLC purchased a new position in shares of New Gold in the 2nd quarter valued at about $28,000. Allworth Financial LP grew its holdings in New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after purchasing an additional 9,418 shares during the period. Eastern Bank purchased a new stake in shares of New Gold in the third quarter valued at approximately $33,000. Rathbones Group PLC acquired a new position in shares of New Gold during the 2nd quarter worth approximately $36,000. Finally, NorthCrest Asset Manangement LLC purchased a new position in shares of New Gold during the 3rd quarter valued at approximately $58,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Scotiabank boosted their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada raised their price target on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $3.41.

New Gold Stock Performance

NYSE:NGD opened at $2.82 on Friday. The company has a market cap of $2.23 billion, a P/E ratio of 141.00 and a beta of 1.32. New Gold Inc. has a twelve month low of $1.09 and a twelve month high of $3.25. The company’s 50-day moving average price is $2.79 and its 200-day moving average price is $2.49. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD) last issued its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The business had revenue of $252.00 million for the quarter. On average, sell-side analysts forecast that New Gold Inc. will post 0.18 earnings per share for the current fiscal year.

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.