New Gold (NYSE:NGD) Rating Increased to Buy at 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.

A number of other research firms have also recently weighed in on NGD. BMO Capital Markets started coverage on shares of New Gold in a research report on Friday, May 31st. They set an “outperform” rating and a $3.50 price objective for the company. Scotiabank raised their price target on 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 boosted their price objective on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Royal Bank of Canada increased their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Finally, Cibc World Mkts raised New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, New Gold presently has an average rating of “Buy” and a consensus target price of $2.74.

New Gold Stock Up 2.0 %

Shares of New Gold stock opened at $3.11 on Friday. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of -31.10 and a beta of 1.29. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. New Gold has a 52 week low of $0.86 and a 52 week high of $3.20. The company has a fifty day simple moving average of $2.45.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. TD Asset Management Inc raised 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 valued at $6,836,000 after purchasing an additional 1,178,194 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in New Gold in the fourth quarter valued at approximately $893,000. Quadrature Capital Ltd raised its holdings in New Gold by 205.3% in the fourth quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the company’s stock valued at $2,374,000 after acquiring an additional 1,099,933 shares in the last quarter. Invenomic Capital Management LP lifted its stake in New Gold by 19.6% in the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock worth $14,748,000 after acquiring an additional 1,654,396 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in New Gold during the 4th quarter worth approximately $206,000. 42.82% of the stock is owned by institutional investors and hedge funds.

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.