New Gold Inc. (NYSE:NGD) Receives $2.74 Average Target Price from Analysts

New Gold Inc. (NYSE:NGD) has been assigned an average recommendation of “Buy” from the seven ratings firms that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $2.74.

A number of equities research analysts have recently issued reports on NGD shares. Scotiabank upped their price target on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research report on Tuesday, September 17th. Royal Bank of Canada raised their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. CIBC boosted their price target 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. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, StockNews.com downgraded shares of New Gold from a “buy” rating to a “hold” rating in a research note on Thursday.

New Gold Stock Down 1.7 %

New Gold stock opened at $2.88 on Tuesday. The business’s fifty day simple moving average is $2.73. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -28.80 and a beta of 1.30. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. New Gold has a 52-week low of $1.03 and a 52-week high of $3.25.

New Gold (NYSE:NGD) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The company had revenue of $218.20 million during the quarter. On average, research analysts anticipate that New Gold will post 0.15 EPS for the current fiscal year.

Institutional Trading of New Gold

Several institutional investors and hedge funds have recently bought and sold shares of NGD. Virtu Financial LLC purchased a new position in New Gold during the fourth quarter worth about $206,000. Quadrature Capital Ltd lifted its holdings in shares of New Gold by 205.3% in the 4th quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the company’s stock worth $2,374,000 after acquiring an additional 1,099,933 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of New Gold by 8.4% during the 1st quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock worth $123,249,000 after purchasing an additional 5,613,145 shares during the period. Moloney Securities Asset Management LLC acquired a new stake in New Gold in the 1st quarter valued at approximately $42,000. Finally, Oppenheimer & Close LLC increased its holdings in New Gold by 99.9% in the 1st quarter. Oppenheimer & Close LLC now owns 1,692,870 shares of the company’s stock valued at $2,878,000 after purchasing an additional 846,000 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other 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.