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

New Gold (NYSE:NGD) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Friday.

A number of other research firms have also weighed in on NGD. CIBC boosted their target price on shares of New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Scotiabank boosted their price objective on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research note on Tuesday, September 17th. Cibc World Mkts raised New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada upped their price target on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $2.74.

New Gold Stock Performance

Shares of NYSE:NGD opened at $2.88 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. New Gold has a 52-week low of $1.03 and a 52-week high of $3.25. The firm has a market capitalization of $2.28 billion, a P/E ratio of -28.80 and a beta of 1.30. The business’s fifty day moving average is $2.80.

New Gold (NYSE:NGD) last posted its earnings results on Tuesday, July 30th. The company reported $0.02 EPS 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 firm had revenue of $218.20 million during the quarter. On average, equities analysts forecast that New Gold will post 0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NGD. Dimensional Fund Advisors LP increased its holdings in New Gold by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock worth $4,670,000 after purchasing an additional 200,799 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of New Gold in the 1st quarter valued at $1,074,000. DORCHESTER WEALTH MANAGEMENT Co bought a new stake in shares of New Gold in the 3rd quarter valued at $592,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of New Gold during the 2nd quarter valued at $458,000. Finally, Pekin Hardy Strauss Inc. bought a new position in New Gold during the second quarter worth $356,000. 42.82% of the stock is owned by institutional investors and hedge funds.

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.