New Gold Inc. (NYSE:NGD) Receives Consensus Recommendation of “Buy” from Analysts

New Gold Inc. (NYSE:NGD) has been assigned a consensus recommendation of “Buy” from the six analysts that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $2.49.

Several equities research analysts have issued reports on NGD shares. Scotiabank raised their target price on New Gold from $2.50 to $2.75 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. BMO Capital Markets started coverage on New Gold in a research note on Friday, May 31st. They set an “outperform” rating and a $3.50 target price for the company. Cibc World Mkts raised New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Sunday. Finally, CIBC lifted their price objective on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th.

New Gold Stock Performance

Shares of New Gold stock opened at $2.51 on Monday. New Gold has a one year low of $0.86 and a one year high of $2.73. The stock has a market capitalization of $1.98 billion, a P/E ratio of -25.10 and a beta of 1.32. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. The stock’s 50 day moving average is $2.27.

New Gold (NYSE:NGD) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. The firm had revenue of $218.20 million for the quarter. On average, analysts predict that New Gold will post 0.14 EPS for the current fiscal year.

Institutional Trading of New Gold

Large investors have recently made changes to their positions in the company. Hillsdale Investment Management Inc. raised its holdings in shares of New Gold by 222.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock valued at $23,508,000 after purchasing an additional 11,186,898 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after purchasing an additional 5,948,394 shares in the last quarter. Van ECK Associates Corp grew its position in shares of New Gold by 8.4% in the 1st quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after buying an additional 5,613,145 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after buying an additional 2,399,200 shares during the last quarter. Finally, Invenomic Capital Management LP grew its position in shares of New Gold by 19.6% in the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after buying an additional 1,654,396 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other 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.