New Gold Inc. (NYSE:NGD) Receives Average Rating of “Buy” from Analysts

New Gold Inc. (NYSE:NGD) has earned an average recommendation of “Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $3.41.

Several brokerages have issued reports on NGD. Scotiabank increased their price target on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada boosted their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th.

Hedge Funds Weigh In On New Gold

Several hedge funds have recently modified their holdings of NGD. Morton Capital Management LLC CA boosted its position in New Gold by 23.3% in the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after purchasing an additional 5,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in New Gold by 15.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock valued at $93,000 after buying an additional 6,252 shares during the period. Captrust Financial Advisors increased its holdings in New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after buying an additional 6,700 shares during the last quarter. Geode Capital Management LLC raised its position in New Gold by 2.0% in the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after acquiring an additional 7,394 shares during the period. Finally, Kohmann Bosshard Financial Services LLC boosted its stake in New Gold by 34.6% in the third quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock valued at $101,000 after acquiring an additional 9,000 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

New Gold Price Performance

Shares of NGD opened at $2.90 on Wednesday. The firm has a market cap of $2.29 billion, a PE ratio of 145.00 and a beta of 1.32. New Gold has a 52-week low of $1.09 and a 52-week high of $3.25. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The business’s 50 day moving average price is $2.81 and its two-hundred day moving average price is $2.47.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. On average, equities analysts anticipate that New Gold will post 0.18 EPS for the current year.

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.