New Gold (NYSE:NGD) Upgraded at StockNews.com

New Gold (NYSE:NGD) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

Several other research analysts also recently issued reports on NGD. Royal Bank of Canada lifted their price objective on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Scotiabank raised their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. CIBC upped 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. Finally, Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $2.74.

New Gold Stock Performance

Shares of New Gold stock opened at $2.88 on Tuesday. The stock has a market cap of $2.28 billion, a P/E ratio of -28.80 and a beta of 1.29. New Gold has a one year low of $0.86 and a one year high of $3.25. The stock’s fifty day moving average price is $2.54. 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 posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $218.20 million for the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. As a group, equities analysts predict that New Gold will post 0.15 earnings per share for the current year.

Institutional Investors Weigh In On New Gold

A number of large investors have recently modified their holdings of the stock. Scientech Research LLC purchased a new position in New Gold in the 2nd quarter worth approximately $28,000. Coppell Advisory Solutions Corp. acquired a new stake in New Gold during the 1st quarter valued at $30,000. Rathbones Group PLC purchased a new position in New Gold in the 2nd quarter valued at about $36,000. Moloney Securities Asset Management LLC acquired a new stake in shares of New Gold during the first quarter valued at about $42,000. Finally, Morton Capital Management LLC CA increased its position in shares of New Gold by 23.3% during the second 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 last quarter. Institutional investors and hedge funds 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.