New Gold (NYSE:NGD) Rating Lowered to Hold at StockNews.com

New Gold (NYSE:NGD) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Friday.

Several other analysts have also recently commented on the company. Royal Bank of Canada raised their target price on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. BMO Capital Markets started coverage on New Gold in a report on Friday, May 31st. They issued an “outperform” rating and a $3.50 target price on the stock. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. National Bank Financial upgraded New Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. Finally, TD Securities raised New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. Three analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $2.66.

New Gold Trading Up 7.3 %

Shares of NYSE NGD opened at $3.10 on Friday. New Gold has a 12-month low of $0.86 and a 12-month high of $3.12. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. The company has a market cap of $2.45 billion, a P/E ratio of -31.00 and a beta of 1.29. The business has a 50 day moving average of $2.38.

New Gold (NYSE:NGD) last posted its earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, beating 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 firm had revenue of $218.20 million for the quarter. As a group, equities analysts forecast that New Gold will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On New Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Morton Capital Management LLC CA raised its holdings in New Gold by 23.3% in the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after acquiring an additional 5,000 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in New Gold by 15.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock valued at $93,000 after acquiring an additional 6,252 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in New Gold by 7.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock valued at $354,000 after acquiring an additional 11,995 shares in the last quarter. Scientech Research LLC bought a new stake in shares of New Gold in the 2nd quarter valued at approximately $28,000. Finally, Coppell Advisory Solutions Corp. bought a new stake in shares of New Gold in the 1st quarter valued at approximately $30,000. 42.82% of the stock is currently owned by institutional investors.

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.