New Gold Inc. (NYSE:NGD) Shares Sold by Empyrean Capital Partners LP

Empyrean Capital Partners LP lessened its holdings in shares of New Gold Inc. (NYSE:NGD) by 11.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 2,019,103 shares of the company’s stock after selling 250,232 shares during the quarter. Empyrean Capital Partners LP’s holdings in New Gold were worth $3,937,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of NGD. Coppell Advisory Solutions Corp. bought a new stake in shares of New Gold during the first quarter valued at about $30,000. Rathbones Group PLC bought a new stake in shares of New Gold during the 2nd quarter worth about $36,000. Moloney Securities Asset Management LLC bought a new stake in shares of New Gold during the 1st quarter worth about $42,000. Morton Capital Management LLC CA lifted its stake in shares of 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 acquiring an additional 5,000 shares during the period. Finally, Banque Cantonale Vaudoise bought a new position in shares of New Gold in the second quarter valued at approximately $87,000. Institutional investors own 42.82% of the company’s stock.

New Gold Stock Down 1.6 %

Shares of NYSE NGD opened at $3.14 on Thursday. 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 Inc. has a 12 month low of $0.86 and a 12 month high of $3.25. The stock has a market capitalization of $2.48 billion, a P/E ratio of -31.40 and a beta of 1.29. The company’s fifty day moving average is $2.50.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share 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 company had revenue of $218.20 million for the quarter. As a group, sell-side analysts expect that New Gold Inc. will post 0.15 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on NGD. Cibc World Mkts raised New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a report on Saturday, September 21st. Scotiabank lifted their target price on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. BMO Capital Markets started 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 on the stock. Finally, CIBC raised their price objective on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $2.74.

New Gold 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.