New Gold Sees Unusually High Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) saw unusually large options trading activity on Wednesday. Investors purchased 15,711 call options on the company. This represents an increase of 390% compared to the average volume of 3,205 call options.

New Gold Stock Performance

NGD opened at $2.93 on Friday. The stock has a fifty day moving average price of $2.79. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of -29.30 and a beta of 1.30. New Gold has a twelve month low of $1.03 and a twelve month high of $3.25.

New Gold (NYSE:NGD) last posted its earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The company 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%. Equities analysts forecast that New Gold will post 0.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NGD has been the topic of a number of research reports. StockNews.com lowered shares of New Gold from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. CIBC increased their price objective on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Royal Bank of Canada increased their price objective on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, Scotiabank increased their price objective on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $2.74.

Institutional Investors Weigh In On New Gold

Hedge funds have recently bought and sold shares of the company. Scientech Research LLC acquired a new stake in New Gold in the second quarter worth $28,000. Coppell Advisory Solutions Corp. bought a new stake in shares of New Gold during the first quarter worth $30,000. Allworth Financial LP increased its position in shares of New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after acquiring an additional 9,418 shares in the last quarter. Eastern Bank bought a new stake in shares of New Gold during the third quarter worth $33,000. Finally, Rathbones Group PLC bought a new stake in shares of New Gold during the second quarter worth $36,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.