Royal Bank of Canada Raises New Gold (NYSE:NGD) Price Target to $3.50

New Gold (NYSE:NGD) had its price target raised by Royal Bank of Canada from $3.00 to $3.50 in a research report report published on Tuesday morning, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other analysts have also issued reports on NGD. CIBC increased their price target on shares of New Gold from $3.00 to $3.40 and gave the stock an outperformer rating in a research report on Wednesday, July 10th. BMO Capital Markets initiated coverage on shares of New Gold in a research report on Friday, May 31st. They issued an outperform rating and a $3.50 price target for the company. Scotiabank increased their price target on shares of New Gold from $2.50 to $2.75 and gave the stock a sector outperform rating in a research report on Monday, August 19th. StockNews.com raised shares of New Gold from a hold rating to a buy rating in a research report on Sunday, September 1st. Finally, National Bank Financial raised shares of New Gold from a hold rating to a strong-buy rating in a research report on Friday, May 17th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Buy and an average price target of $2.66.

New Gold Price Performance

Shares of NGD opened at $2.50 on Tuesday. New Gold has a one year low of $0.86 and a one year high of $2.73. The stock has a 50-day moving average price of $2.33. The firm has a market capitalization of $1.97 billion, a PE ratio of -24.95 and a beta of 1.29. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50.

New Gold (NYSE:NGD) last announced 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 negative net margin of 2.53% and a positive return on equity of 5.22%. The company had revenue of $218.20 million during the quarter. Analysts anticipate that New Gold will post 0.14 earnings per share for the current year.

Institutional Trading of New Gold

A number of institutional investors have recently added to or reduced their stakes in the business. Heartland Advisors Inc. lifted its stake in shares of New Gold by 7.1% in the fourth quarter. Heartland Advisors Inc. now owns 3,750,000 shares of the company’s stock worth $5,475,000 after buying an additional 250,000 shares during the last quarter. Baader Bank Aktiengesellschaft lifted its stake in shares of New Gold by 812.7% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock worth $132,000 after buying an additional 81,267 shares during the last quarter. Hillsdale Investment Management Inc. lifted its stake in shares of New Gold by 222.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock worth $23,508,000 after buying an additional 11,186,898 shares during the last quarter. TD Asset Management Inc lifted its stake in shares of New Gold by 33.5% in the fourth quarter. TD Asset Management Inc now owns 4,694,483 shares of the company’s stock worth $6,836,000 after buying an additional 1,178,194 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in shares of New Gold in the fourth quarter worth $893,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.