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

New Gold Inc. (NYSE:NGD) has earned a consensus rating of “Buy” from the six brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $3.41.

Several research analysts recently weighed in on NGD shares. Royal Bank of Canada lifted their price objective on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Scotiabank increased their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Finally, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th.

New Gold Stock Performance

NGD stock opened at $2.62 on Friday. New Gold has a twelve month low of $1.09 and a twelve month high of $3.25. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The company has a market cap of $2.07 billion, a P/E ratio of 131.00 and a beta of 1.32. The business’s fifty day moving average is $2.70 and its 200-day moving average is $2.56.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The firm had revenue of $252.00 million for the quarter. Equities research analysts forecast that New Gold will post 0.18 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of New Gold during the second quarter worth about $365,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in New Gold by 67.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 122,622 shares of the company’s stock worth $242,000 after acquiring an additional 49,246 shares during the last quarter. Intact Investment Management Inc. raised its holdings in shares of New Gold by 52.2% in the second quarter. Intact Investment Management Inc. now owns 2,129,400 shares of the company’s stock valued at $4,202,000 after purchasing an additional 730,700 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of New Gold in the second quarter worth $87,000. Finally, CIBC Asset Management Inc boosted its holdings in New Gold by 196.2% during the second quarter. CIBC Asset Management Inc now owns 2,060,975 shares of the company’s stock worth $4,065,000 after purchasing an additional 1,365,089 shares during the last quarter. Institutional investors and hedge funds 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.