Shares of New Gold Inc. (NYSE:NGD – Get Free Report) have been given an average rating of “Buy” by the seven brokerages that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $2.74.
Several equities analysts have recently issued reports on NGD shares. CIBC lifted their price target on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. BMO Capital Markets initiated coverage on New Gold in a research report on Friday, May 31st. They issued an “outperform” rating and a $3.50 target price on the stock. Scotiabank increased 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, September 17th. Royal Bank of Canada raised their price target on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th.
Hedge Funds Weigh In On New Gold
New Gold Stock Up 2.0 %
NGD opened at $3.11 on Friday. The company has a market capitalization of $2.46 billion, a PE ratio of -31.10 and a beta of 1.29. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. New Gold has a twelve month low of $0.86 and a twelve month high of $3.20. The business’s 50-day moving average price is $2.45.
New Gold (NYSE:NGD – Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company 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%. Sell-side analysts anticipate that New Gold will post 0.14 EPS 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.
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