New Gold (NYSE:NGD) Upgraded to “Buy” by StockNews.com

New Gold (NYSE:NGD) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Other equities research analysts also recently issued reports about the stock. CIBC raised their price objective on shares of New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. BMO Capital Markets started coverage on shares of New Gold in a report on Friday, May 31st. They set an “outperform” rating and a $3.50 target price on the stock. Royal Bank of Canada raised their target price 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. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, Scotiabank raised their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, New Gold currently has an average rating of “Buy” and an average price target of $2.74.

New Gold Stock Up 2.0 %

Shares of NGD stock opened at $3.11 on Friday. The stock’s 50 day moving average is $2.45. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. The firm has a market capitalization of $2.46 billion, a P/E ratio of -31.10 and a beta of 1.29. New Gold has a 12-month low of $0.86 and a 12-month high of $3.20.

New Gold (NYSE:NGD) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $218.20 million during the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. As a group, research analysts expect that New Gold will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NGD. Scientech Research LLC acquired a new stake in New Gold in the second quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. acquired a new stake in New Gold in the first quarter valued at approximately $30,000. Rathbones Group PLC acquired a new stake in New Gold in the second quarter valued at approximately $36,000. Moloney Securities Asset Management LLC acquired a new stake in New Gold in the first quarter valued at approximately $42,000. Finally, 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 valued at $52,000 after buying an additional 5,000 shares in the last quarter. 42.82% of the stock is owned by institutional investors.

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.