New Gold (NYSE:NGD) Downgraded by StockNews.com

StockNews.com lowered shares of New Gold (NYSE:NGD) from a buy rating to a hold rating in a report issued on Thursday morning.

Several other analysts also recently weighed in on the stock. 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 report on Wednesday, July 10th. Scotiabank lifted their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, Royal Bank of Canada raised their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, New Gold presently has a consensus rating of “Moderate Buy” and a consensus target price of $2.74.

New Gold Trading Up 5.2 %

NGD stock opened at $3.03 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. New Gold has a 12-month low of $1.03 and a 12-month high of $3.25. The firm’s 50 day moving average price is $2.74. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -30.30 and a beta of 1.30.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The business 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%. On average, research analysts forecast that New Gold will post 0.15 EPS for the current fiscal year.

Institutional Trading of New Gold

Large investors have recently made changes to their positions in the stock. Scientech Research LLC acquired a new position in New Gold during the 2nd quarter worth $28,000. Coppell Advisory Solutions Corp. acquired a new position in shares of New Gold during the 1st quarter worth about $30,000. Rathbones Group PLC bought a new stake in New Gold during the 2nd quarter valued at approximately $36,000. Moloney Securities Asset Management LLC acquired a new stake in New Gold in the 1st quarter valued at approximately $42,000. Finally, Morton Capital Management LLC CA increased its position in New Gold by 23.3% in the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after buying an additional 5,000 shares during the period. Institutional investors own 42.82% of the company’s stock.

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.