Investors Buy Large Volume of New Gold Call Options (NYSE:NGD)

New Gold Inc. (NYSE:NGD) was the recipient of some unusual options trading on Tuesday. Stock traders acquired 14,923 call options on the stock. This is an increase of approximately 237% compared to the typical daily volume of 4,426 call options.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank increased their price objective 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. Finally, Royal Bank of Canada boosted their target price on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, New Gold presently has a consensus rating of “Buy” and an average target price of $3.41.

New Gold Trading Up 8.8 %

NGD traded up $0.24 during trading on Tuesday, hitting $2.96. 7,241,289 shares of the stock were exchanged, compared to its average volume of 8,238,715. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The firm has a 50 day simple moving average of $2.81 and a 200 day simple moving average of $2.47. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 146.00 and a beta of 1.32. New Gold has a 1 year low of $1.09 and a 1 year high of $3.25.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, equities analysts expect that New Gold will post 0.18 EPS for the current year.

Institutional Investors Weigh In On New Gold

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp increased its holdings in New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after buying an additional 5,948,394 shares during the period. Van ECK Associates Corp boosted its holdings in shares of New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after acquiring an additional 3,541,882 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of New Gold by 9,360.7% in the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after acquiring an additional 2,664,153 shares during the period. Renaissance Technologies LLC raised its holdings in shares of New Gold by 13.5% during the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after purchasing an additional 2,399,200 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC acquired a new position in New Gold during the third quarter valued at $4,787,000. 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.