New Gold (NYSE:NGD) Reaches New 1-Year High at $3.20

New Gold Inc. (NYSE:NGD)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $3.20 and last traded at $3.16, with a volume of 2992423 shares traded. The stock had previously closed at $3.11.

Analysts Set New Price Targets

NGD has been the topic of a number of analyst reports. Royal Bank of Canada raised their price target on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Saturday. BMO Capital Markets started coverage on New Gold in a research note on Friday, May 31st. They issued an “outperform” rating and a $3.50 price target on the stock. Finally, CIBC lifted their target price on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $2.74.

New Gold Trading Up 0.3 %

The business has a 50-day simple moving average of $2.45. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. The firm has a market capitalization of $2.47 billion, a PE ratio of -31.20 and a beta of 1.29.

New Gold (NYSE:NGD) last posted its quarterly earnings data 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 company 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%. On average, analysts predict that New Gold Inc. will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NGD. Morton Capital Management LLC CA boosted its stake 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 worth $52,000 after purchasing an additional 5,000 shares during the period. Vanguard Personalized Indexing Management LLC lifted its position 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 worth $93,000 after buying an additional 6,252 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in New Gold by 7.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock worth $354,000 after buying an additional 11,995 shares in the last quarter. Scientech Research LLC purchased a new stake in New Gold in the 2nd quarter worth approximately $28,000. Finally, Coppell Advisory Solutions Corp. purchased a new stake in New Gold in the 1st quarter worth approximately $30,000. 42.82% of the stock is currently owned by institutional investors.

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.