New Gold Target of Unusually Large Options Trading (NYSE:NGD)

New Gold Inc. (NYSE:NGD) was the target of unusually large options trading activity on Tuesday. Stock traders acquired 14,923 call options on the company. This is an increase of approximately 237% compared to the typical volume of 4,426 call options.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on NGD shares. Royal Bank of Canada lifted their price objective on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Scotiabank raised their target price on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research note on Tuesday, September 17th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $3.41.

Institutional Investors Weigh In On New Gold

Several institutional investors have recently bought and sold shares of NGD. BNP Paribas Financial Markets lifted its holdings in New Gold by 9,360.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after acquiring an additional 2,664,153 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after purchasing an additional 3,541,882 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of New Gold by 9.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock valued at $4,670,000 after purchasing an additional 200,799 shares during the period. Old West Investment Management LLC increased its holdings in shares of New Gold by 42.9% in the 3rd quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock valued at $2,880,000 after purchasing an additional 300,000 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in New Gold by 684.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock worth $4,255,000 after buying an additional 1,279,500 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Performance

NGD stock opened at $2.90 on Thursday. The company has a market capitalization of $2.29 billion, a P/E ratio of 145.00 and a beta of 1.32. The company has a 50-day simple moving average of $2.80 and a 200 day simple moving average of $2.48. New Gold has a fifty-two week low of $1.09 and a fifty-two week high of $3.25. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate 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%. Sell-side analysts predict that New Gold will post 0.18 earnings per share for the current fiscal 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.