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

Shares of New Gold Inc. (NYSE:NGD) have received an average recommendation of “Buy” from the six brokerages that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $3.41.

Separately, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th.

New Gold Price Performance

NYSE NGD opened at $2.89 on Thursday. The firm’s fifty day simple moving average is $2.72 and its two-hundred day simple moving average is $2.66. The firm has a market capitalization of $2.29 billion, a P/E ratio of 144.50 and a beta of 1.34. 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 has a 12-month low of $1.09 and a 12-month high of $3.25.

New Gold (NYSE:NGD) last announced 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 firm had revenue of $252.00 million for the quarter. Analysts forecast that New Gold will post 0.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Scientech Research LLC purchased a new stake in New Gold in the second quarter valued at approximately $28,000. Allworth Financial LP boosted its holdings in shares of New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after acquiring an additional 9,418 shares during the last quarter. DGS Capital Management LLC acquired a new stake in shares of New Gold in the fourth quarter worth $30,000. Eastern Bank acquired a new stake in shares of New Gold in the third quarter worth $33,000. Finally, NorthCrest Asset Manangement LLC purchased a new position in shares of New Gold during the third quarter worth $58,000. 42.82% of the stock is owned by institutional investors and hedge funds.

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.