New Gold (NYSE:NGD) Price Target Increased to $3.25 by Analysts at Scotiabank

New Gold (NYSE:NGD) had its price objective increased by Scotiabank from $2.75 to $3.25 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other equities research analysts have also weighed in on NGD. 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 research note on Wednesday, July 10th. TD Securities upgraded New Gold from a sell rating to a hold rating in a research report on Tuesday, May 21st. Cibc World Mkts raised New Gold to a strong-buy rating in a report on Wednesday, July 10th. StockNews.com downgraded New Gold from a buy rating to a hold rating in a research note on Friday, September 13th. Finally, BMO Capital Markets began coverage on New Gold in a research note on Friday, May 31st. They set an outperform rating and a $3.50 price objective for the company. Three analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $2.74.

New Gold Trading Down 3.0 %

Shares of NGD opened at $3.04 on Tuesday. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -30.35 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. The company’s fifty day moving average is $2.40. New Gold has a 1-year low of $0.86 and a 1-year high of $3.20.

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

Hedge Funds Weigh In On New Gold

A number of hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp lifted its holdings in New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after purchasing an additional 5,948,394 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of New Gold by 8.4% in the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock worth $123,249,000 after buying an additional 5,613,145 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of New Gold by 13.5% during the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after acquiring an additional 2,399,200 shares during the last quarter. Invenomic Capital Management LP grew its stake in New Gold by 19.6% during the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after acquiring an additional 1,654,396 shares in the last quarter. Finally, Herr Investment Group LLC increased its holdings in New Gold by 40.4% in the 2nd quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock valued at $10,160,000 after acquiring an additional 1,499,745 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

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.