New Gold (NYSE:NGD) Stock Price Up 3.1%

New Gold Inc. (NYSE:NGD)’s stock price shot up 3.1% during trading on Tuesday . The stock traded as high as $3.00 and last traded at $2.97. 1,433,359 shares changed hands during trading, a decline of 82% from the average session volume of 8,007,780 shares. The stock had previously closed at $2.88.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NGD shares. Royal Bank of Canada boosted their price objective on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. CIBC lifted their price objective on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Scotiabank increased their target price on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $2.74.

New Gold Trading Up 0.7 %

The firm’s 50-day simple moving average is $2.54. The stock has a market cap of $2.29 billion, a P/E ratio of -28.80 and a beta of 1.29. 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 (NYSE:NGD) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $218.20 million during the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. Equities research analysts predict that New Gold Inc. will post 0.15 EPS for the current fiscal year.

Institutional Trading of New Gold

A number of institutional investors have recently bought and sold shares of the company. TD Asset Management Inc increased its position in New Gold by 33.5% in the 4th quarter. TD Asset Management Inc now owns 4,694,483 shares of the company’s stock worth $6,836,000 after buying an additional 1,178,194 shares during the period. CIBC Asset Management Inc acquired a new position in New Gold during the 4th quarter valued at $893,000. Quadrature Capital Ltd boosted its holdings in New Gold by 205.3% in the 4th quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the company’s stock valued at $2,374,000 after purchasing an additional 1,099,933 shares during the period. Invenomic Capital Management LP grew its position in New Gold by 19.6% in the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock worth $14,748,000 after purchasing an additional 1,654,396 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of New Gold during the 4th quarter worth about $206,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.